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4Q25 l 18 Feb 2026 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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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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Original Chart Color 2026 (THB 18.7 Bn) Mobility, 65.2% Global, 12.0% Lifestyle, 16.8% OR Innovation, 6.0% 5 Years CAPEX Plan Planned Capex 2026 – 2030 Mobility Lifestyle Global Innovation & New Business 10.3 Bn (55.1%) 4.3 Bn (23.0%) 1.4 Bn (7.5%) 2.7 Bn (14.4%) • PTT Station • Cafe Amazon • PTT Station • EV Station PluZ • Commercial Market • Infrastructure • Cafe Amazon • OASYS • M&As/ JVs • Virtual Bank • Digital and IT for Business SEAMLESS MOBILITY ALL LIFESTYLES GLOBAL MARKET OR INNOVATION 2026 – 2030 (THB 58.0 Bn) Key Expansion Plans 2026 M&As/ JVs opportunities Focus on F&B business 386 DC Expansion (160 new location) 89 New Service stations 8 New outlets expansion Strengthen Café Amazon Value Chain 19 New Service stations internationally 31 New Café Amazon outlets internationally LPG & Asphalt Digital Infrastructure & Platform Advancement Infrastructure 280 New Café Amazon outlets Virtual Bank [Organic growth 66.8% : Inorganic growth* 33.2%] *Inorganic growth of 6.2 Bn, driven by Mobility 2.2 Bn, Lifestyle 2.1 Bn, and Innovation & New Business 1.9 Bn 5
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Original Chart Color 6
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Strictly confidential OR committed to sustainable growth OR Sustainability Awards 2025 National and International Recognition Received the highest ESG performance rating, “AAA ,” from the Stock Exchange of Thailand (SET) for 3 consecutive years Highly Commended Sustainability Awards 2025 OR’s Sustainability Achievements in 2025 International National Awarded Outstanding ESG Performance Recognition for listed companies by SET for 2 consecutive years Achieved the highest sustainability score in the S&P Global Corporate Sustainability Assessment (CSA) Based on the S&P Global CSA results during 2023 – 2025* 89 Scores ( 2024) 89 Scores ( 2025) 80 Scores ( 2023) in alignment with the expectations of all stakeholders Remarks: Highest score (No.1) in the Retailing group for 3 consecutive years (No.1) (No.1) (No.1) 7
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02 KEY HIGHLIGHTS
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39.6% Mobility 61.5% Lifestyle 34.5% Global 6.3% Other -2.3% Mobility 88.9% Lifestyle 3.7% Global 6.9% Other 0.5% 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 658,723 MM SALES REVENUE 20,357 MM EBITDA 11,304 MM NET INCOME 5,036 OUTLETS 453 MILLION CUPS 2,468 OUTLETS 2,931 DC CONNECTORS 2,768 STATIONS 3.9M DAILY TRAFFIC VISITORS KEY HIGHLIGHTS 2025 1,349 LOCATIONS 9
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03 KEY FACTORS & FINANCIAL SUMMARY
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THAILAND GDP USD/BBL AVERAGE GASOIL PRICE (AVERAGE ON DAILY BASIS) AVG. 3Q25 88.8 AVG. 4Q25 88.3 KEY FACTORS AVG. 3Q25 1.2 AVG. 4Q25 2.5 (AVERAGE ON A MONTHLY BASIS) Source: www.nesdc.go.th GASOIL PRICE THB/USD AVG. 3Q25 32.3 AVG. 4Q25 32.2 (AVERAGE ON DAILY BASIS) FOREIGN EXCHANGE RATE -0.5% QoQ -0.5% YoY Gasoil (% change) Source: www.investing.com AVG. 3Q25 0.8 AVG. 4Q25 0.8 (AVERAGE ON A MONTHLY BASIS) THAILAND CORE CPI %% 1Q24 104.4 1Q24 35.6 1Q24 0.4 1Q24 1.7 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 11 4Q24 3.334.0 Avg. 2024 = 96.3 4Q24 88.7 Avg. 2025 = 87.8 1Q25 3.2 1Q25 33.9 0.9 1Q25 2Q25 82.7 2Q25 33.1 1.0 2Q25 3Q25 88.8 3Q25 32.3 0.8 3Q252Q25 2.8 3Q25 1.2 4Q25 32.2 0.8 4Q25 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 4Q25 88.3 4Q25 2.5
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4,434 3,406 3,539 16,098 14,869 2,641 2,527 2,655 10,317 10,347 7,075 5,933 6,194 4Q24 3Q25 4Q25 2024 2025 Retail Commercial 355 NORTH 649 NORTHEASTERN 291 EAST 255 WEST 544 CENTRAL 316 SOUTH 2,413 REGION DISTRIBUTION(1) TOTAL PTT STATIONS Diesel 38.9% Gasoline 19.9% LPG 13.1% Fuel oil 6.2% Aviation fuel 19.5% Lubricant 0.6% Others 1.8% PRODUCT MIX 4Q25 SALES VOLUME (2) MM LITERS Notes: (1) Thailand and Myanmar (2) Volume before elimination +296 +47+48 MOBILITY BUSINESS KEY DRIVER 4Q25 2,931 TOTAL DC CONNECTORS 1,349 TOTAL LOCATIONS QoQQoQ STATIONS DC CONNECTORS LOCATIONS QoQ +4.4% QoQ -12.5% YoY 12 -4.5% YTD 26,415 25,216 QoQ: Increased sales volume primarily from aviation fuel & diesel YoY/YTD: Softer sales volume primarily from diesel, while aviation fuel increased
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103 109 109 402 429 4Q24 3Q25 4Q25 2024 2025 Café Amazon CUPS SOLD (1) MILLION CUPS CONVENIENCE STORE (2) OUTLETS Café Amazon (1) OTHER F&B OUTLETSOUTLETS LIFESTYLE BUSINESS KEY DRIVER 4Q25 QoQQoQ QoQ QoQ QoQ: Sustain cups sold at the relatively high level of 3Q25 YoY/YTD: Higher cups sold from the outlets’ expansion and ongoing marketing campaign - +5.8% YoY FRANCHISE 3,838 COCO 867 OTHER(1) 37 33 76 THAILAND 2,385 LAOS 18 +129 -7 +38 4,742 TOTAL OUTLETS 109 TOTAL OUTLETS 2,403 TOTAL OUTLETS Notes: (1) Includes outlets & cups sold in Thailand, Myanmar, Japan, Oman, and Bahrain. For Cafe Amazon in other countries will be presented in Global (2) Includes CVS in Thailand and Laos 13 +6.7% YTD 13
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GLOBAL BUSINESS KEY DRIVER 4Q25 -30 QoQ CAMBODIA 127 PHILIPPINES 169 LAOS 59 CAMBODIA 63 355 TOTAL PTT STATIONS -60 QoQ -9 QoQ CONVENIENCE STORE Café Amazon OUTLETSOUTLETSSTATIONS 65 TOTAL OUTLETS 294 TOTAL OUTLETS CAM4ODIA 178 PHILIPPINES 6 LAOS 110 Notes (1) Before elimination 14 LAOS 2 277 329 235 1,117 1,226 158 74 54 620 462 81 76 84 294 328 Philippines Cambodia Laos 2,031 2,016 MM LITERS SALES VOLUME (1) -22.1% QoQ -0.7% YTD -27.7% YoY 373 479 516 QoQ: Lower sales volume, mainly from the Philippines YoY/YTD: Decreased sales volume, mainly from Cambodia
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4Q24 3Q25 4Q25 2024 2025 4Q25 6,546 4Q25 8,452 LIFESTYLE GLOBAL GLOBAL (BY COUNTRY) 2025 46,586 QoQ : Increased sales from the F&B and other retail businesses YoY/YTD : Higher sales of the F&B business due to higher cups sold and outlets’ expansion F&B : 4,575 OTHER : 1,971 +3.9% QoQ +3.7% YoY QoQ: Decreased sales from a drop in sales volume, mainly from the Philippines YoY : Decreased sales from a drop in sales volume, mainly from Cambodia YTD: Lower sales from a drop in global oil prices and sales volume, mainly from Cambodia 54.9% 57.5% 25.1% 14.6% 20.0% 27.9% 2025 4Q25 PHILIPPINES CAMBODIA LAOS & OTHERS 46,586 8,452 THB MM Notes Revenue by segment calculated before elimination. Others in Global include Vietnam THB MM TOTAL REVENUE 15 1.3% QoQ -16.3% YoY 2025 25,092 F&B : 17,260 OTHER : 7,832 -20.1% QoQ -33.0% YoY -14.7% YTD +4.8% YTD -9.0% YTD MOBILITY LIFESTYLE GLOBAL OTHER 153,600 185,904 155,535 723,958 658,723 QoQ: Increased sales from a higher sales volume YoY/YTD: Decreased sales from a decline in sales volume, coupled with a drop in global oil prices 4Q25 142,037 MOBILITY 2025 597,451 +2.1% QoQ -17.0% YoY -10.2% YTD
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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 4Q25 1,665 F&B : 1,277 OTHER : 388 4Q25 -12 GLOBAL (BY COUNTRY) LIFESTYLE GLOBAL EBITDA MARGIN BY SEGMENT (%) GLOBAL (BY COUNTRY) 25.5/27.5* 3.6 3.1 2025 1,279 QoQ: Lower EBITDA due to higher expenses in the F&B business YoY: Higher EBITDA from both F&B and other retail business YTD: Higher EBITDA due to higher gross profit in the F&B business, together with the discontinuation of underperforming businesses in 2024. 2.7 -6.3% QoQ +3.5% YoY 25.4/26.5*28.2/29.4* QoQ/YoY: Lower EBITDA, mainly from Cambodia, with weaker GP following a decrease in sales volume YoY: Lower EBITDA, mainly from Cambodia due to lower GP from border dispute YTD: Lower EBITDA, mainly from Cambodia, with weaker GP/Liter and declined volume due to higher costs 18.4% 38.8% 42.8% PHILIPPINES CAMBODIA LAOS & OTHERS 1,279 -12 THB MM EBITDA MARGIN (%) EBITDA 16 0.83 0.831.02 1.7 2.1 2.1 2025 7,024 F&B : 5,378 OTHER : 1,646 GP/LITER (THB) <-100% QoQ <-100% YoY -24.6% YTD 28.0/28.9*25.1/ 26.1* +17.0% YTD 2.1 1.6 2.5 -0.1 1.02 0.98 4Q24 3Q25 4Q25 2024 2025 MOBILITY LIFESTYLE GLOBAL OTHER -8.9% QoQ -9.1% YoY +15.2% YTD 4,8784,887 4,443 2.6% 3.2% 2.9% 2.4% 3.1% 17,666 20,357 4Q25 2025 23.8%52.8% 23.4% 4Q25 2,966 MOBILITY 2025 12,509 +0.8% QoQ -0.3% YoY +21.1% YTD QoQ: Higher EBITDA from higher GP/Liter YoY/YTD: Higher EBITDA from improved gross profit, primarily from aviation fuel
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4Q24 3Q25 4Q25 2024 2025 Notes Net profit margin calculated from Sales and services income. -20.5% QoQ -30.7% YoY NET PROFIT THB MM NET PROFIT MARGIN (%) 17 1.1% 1.7% 1.6% 1.7% 2,999 2,078 7,650 11,304 2,614 +47.8% YTD 1.3% QoQ/YoY: Lower performance from the Global business, coupled with a loss of exchange rate from baht appreciation YTD: Improved performance, primarily driven by the Mobility & Lifestyle business, along with an increased share of income
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91,460 89,078 68,769 68,689 47,263 40,164 31 Dec 24 31 Dec 25 Cash Equivalents & ST Investment Other Current assets Non-Current assets 108,961 113,821 17,781 19,377 52,016 41,169 28,734 23,564 31 Dec 24 31 Dec 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 197,931 TOTAL ASSETS 207,492 TOTAL LIABILITIES & EQUITY 31 Dec 24 -0.2 31 Dec 25 -0.1 FINANCIAL POSITION -4.6% 31 Dec 24 -1.0 31 Dec 25 -0.8 31 Dec 24 6.6 31 Dec 25 6.7 197,931 18 207,492
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CASH FLOW Cash and cash equivalents at the beginning of period 31 Dec 2025 Operating : The primary changes in working capital involve decrease in accounts payable. 1 31 Dec 2024 33,239 47,231 +10,253 -11,223 -12,675 -347 Operating Investing Financing 13,992 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 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 19
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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 BLOOMBERG * Ref from IMF’s Projections as of Oct 2025 and Jan 2026 ** Ref from NESDC’s Projections as of Feb 2026 *** Ref from Bank of Thailand’s Projections as of Dec 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 2026 GDP GROWTH WORLD THAILAND ECONOMIC GROWTH %YoY 2025 2.4 (4) 2026F 1.5 – 2.5 (4) ECONOMIC GROWTH GDP FORECAST(4) 2025 33M (4) NO. OF FOREIGN TOURISTS 2025 -0.1 (4) INFLATION (4) (%) SUPPORTIVE FACTORS CHALLENGES AND RISKS INTERNATIONAL TOURISM RECOVERY & RELATED SERVICE SECTORS AGING PRESSURE SLOW LABOR FORCE EXPANSION OIL MARKET PROTENTIAL SUPPLY SURPLUS NEW GOVERNMENT POLICY DUBAI OIL PRICE (2) (US$ PER BARREL) 2025 $69.5 2024 $79.6 FX 2026F (4) 31.0 – 32.0 THB/USD 2025 2026F THAI BAHT APPRECIATION PRIVATE & GOVERNMENT INVESTMENT TRADE POLICY CHALLENGES TRADE BARRIERS 2025E IMF 2026F IMF 2027F IMF THAILAND CAMBODIA LAO PDR VIETNAM PHILIPPINES NESDC IMF IMF BLOOMBERG BLOOMBERG NESDC IMF IMF IMF IMF 2026F $60.0 – 64.0 2026F -0.3 – 0.7 (4) 2026F 35M (4) 2027F BOT IMF IMF IMF IMF HOUSEHOLD DEBT & CREDIT TIGHTENING 2025 1.25 (1) POLICY RATE (1) (%) 2026F 1.00 (1) 22
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Challenges from Global, Thailand, and Market Geopolitical Consumer Behavior CONSUMER BEHAVIOR SHIFT US - IRAN TENSION • Oil price volatility • Potential oil supply disruption via the Strait of Hormuz Thailand’s GDP Downtrend ECONOMIC SITUATION IMPACTS FINANCIAL PERFORMANCE • Consumers are prioritizing functional value and fast-format accessibility • Rapid shifts in consumer behavior may cause investment mismatches Thailand’s GDP Growth Historical • Thailand’s economic growth remains limited • Economic slowdown and high household debt affect customer purchasing in lifestyle goods and oil demand Source: World bank, BOT, NESDC 11.17 (7.63) 7.19 (0.69) 7.51 (6.05) 2.40 1990 20251998 2009 2020 22
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