Slides
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Investor Update June 2025
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1 Overview 2 1Q2025 Performance Highlight 3 1 Year Strategic Progress & Key Achievement 4 Outlook/Guidance AGENDA 5 ESG 6 Supplementary Information 1
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Source: PTIT Remark : (*) Refined products include products from 6 refineries and 1 condensate splitter = 1,035 KBD, and Domestic supply of LPG from GSPs and Petrochemical Plants = 93 KBD KBD = Thousand Barrels per day Indigenous (12%) 150 KBD Imported Refined Petroleum Products 24 KBD 1007 KBD Import (88%) Crude/ Condensate 1041 KBD Refined Products 970 KBD* Domestic Crude/ Condensate 133 KBD Supply Production Demand Export 175 KBD Total Refining Capacity in Thailand: 1,239 KBD PTT’s Associated Refineries : 770 KBD (TOP, PTTGC, IRPC) Other Refineries : 469 KBD (SPRC, BSRC, BCP) Refined Products 158 KBD* Crude Export 17 KBD 1,065 KBD Oil Balance Thailand: Jan – Mar 2025 Adequate refining capacity maintains the stability of country supply 2
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Natural Gas Balance: Jan - Mar 2025 Main driver of the Thai economy Remark : MMSCFD = Million Cubic Feet @ Heating Value 1,000Btu/ft3 Supply Production Sales Gulf of Thailand (66%) Power (52%) Industry (22%) NGV (3%) Petrochemical Feedstock (17%) Industry Household Transportation (6%) Ethane/ Propane/ LPG/NGL LPG 906 MMSCFD (23%) Methane 1,460 MMSCFD 100 MMSCFD 1,185 MMSCFD 2,479 MMSCFD Bypass Gas 113 MMSCFD Onshore (3%) Myanmar, 39%LNG, 61% Import (31%) 6 GSPs Total Capacity 2,650 MMSCFD @ Actual Heat PTTEP, 82% Others, 18% 3
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PTT’s Strategic Importance to Thailand 2001 2024 Revenue Net Income Affiliate PTT20% 80% 81% 19% Robust revenue and net income growth since IPO (MMUSD) 1 1 2024 Annual, BOT selling rate USD/THB of 35.43 (Avg. rate) * As of May 30, 2025, BOT selling rate USD/THB of 32.75 (End rate) Market Cap : SET & PTT Group Unit: MB International E&P business Sole operator & owner of gas transmission pipelines and Gas Separation Plants (GSPs) in Thailand International oil trading business having traded Power Plant flagship with equity power capacity of • PTT Group 12% • Others 88% • PTT 51% • PTTEP 23% • OR 9% • GC 6% • TOP 4% • IRPC 1% • GPSC 6% 51% 23% 9% 6% 4%1% 6% 0.3% PTT Group Bt 1,654 bn (USD 51 Bn*) • GGC 0.3% 702 2,542 12,553 87,227 12% 88% SET market Cap Bt 14,219 bn (USD 434 Bn*) Fully integrated & highly diversified over entire O&G value chain mmboe proved reserves or 6.4 years in 2024 1,637 Largest refinery in Thailand 3refineries of 6 group Largest petrochemical producer group in Thailand total capacity of olefins, aromatics and styrenics production of >18 mtpa Leading oil marketing business in Thailand 2,761 retail stations2 and ~40.3%2 of market share by sales volume 24 bn litters in 1Q25 14,144 MW Note: As of May 30, 2025 Ministry of Finance holds majority stake in PTT 51% 12% 37% Foreign (incl. NVDR) 12% • 51% • 12% • 37% Thai 25% PTT Ratings at Sovereign Level Baa1 BBB+ BBB+ Baa1 BBB+ BBB+ Baa1 BBB+ BBB+ FC PTT-FC PTT-LC International and local recognition #243rd in 2024 238th in 2023 232nd in 2022 2024 #125th in 2024 110th in 2023 177th in 2022 Rating AAVayupak Fund Public Thai Ministry of Finance 2 As of Mar 2025 2 Note: As of Mar 7, 2025 Ranked in Dow Jones Best-in-Class World Index & Dow Jones Best-in-Class Emerging Markets Index 2012-2024 (13th consecutive years) 4
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Downward Integration (PTT Operate through our subsidiaries) PTT Own Businesses (PTT’s own operation) Upward Integration (PTT Operate through our subsidiaries) Crude Procurement Import/Export Commodity Hedging Int’l Office China / Singapore / Abu Dhabi / London/ USA/ Thailand Traded liters in 1Q25 Gas pipelines Gas Separation Plants Gas Supply & Trading NGV New Business & Sustainability Innovation & New Ventures Innovation Institute Market Share1 75% Oil Stations in Thailand1 Non-oil Retail Lubricants International Oil & Retail ~75%2 (equity portion) Electricity Steam & Chill Water Energy Storage Largest refinery group in Thailand ~48% Market Share refineries PTT Group Business and Activities Remark: Percentage holding as of Mar 2025 1 As of Mar 2025 / 2 Holding portion of PTT Group (direct & indirect) Projects mmboe proved reserves or 6.4 years in 2024 Countries 65.29% Oil, Gas, Condensate in 100% 50% LNG Receiving Facilities LMPT1 capacity MTA JV with EGAT (PTT 50: EGAT 50) LMPT2 capacity MTA LNG Value Chain 100% LNG E&P Natural Gas Trading Power Refineries & Petrochemicals Oil & Retail Integrated Refineries & Petrochemical New Business and Sustainability 100% 100% 40% 51% 51% 50% EV Charging Points Electric Vehicle Life Science Pharmaceutical Medical device Nutrition 100% Hydrogen CCS Corporate Sustainability 5
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1 Overview 2 1Q2025 Performance Highlight 3 1 Year Strategic Progress & Key Achievement 4 Outlook/Guidance AGENDA 5 ESG 6 Supplementary Information 6
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50 150 250 350 40 70 100 130 1Q24 Power & Non-Hydro • Extra Items • PTT • PTTEP • P&R • Others • Oil & Retail • 4,615 692 12,711 1,282 2,806 860 6,002 23,315 3,843 10,749 328 3,304 946 4,372 (227) 1Q25 • Extra Items • PTT • PTTEP • P&R • Oil & Retail • Others The overall performance in 1Q25 comparable to 1Q24 l 5% QoQ 3% YoY Pool Price* (THB/MMBTU) AVG. Dubai Price ($/BBL) 4% QoQ 5% YoY PX ($/Ton) HDPE ($/Ton) 861 3% QoQ 16% YoY 1% QoQ 6% YoY 757 964 1Q24 2Q24 3Q24 4Q24 1Q25 Apr’25 Unit: ($/Ton)Dubai ($/BBL) Pool Price (THB/MMBTU) 76.9 313 1Q24 2Q24 3Q24 4Q24 1Q25 Apr’25 81.3 1,041 1,027 322 85.3 301 1,052 1,039 67.7 78.3 315 995 942 73.6 297 968 839 AVG. 2024 = 79.6 AVG. 2024 = 309 AVG. 2024 HDPE = 1,014 PX = 962 312 7.89 3.02 2.91 4.33 3.07 978 3.07 Mkt GRM ($/BBL) 29% QoQ 61% YoY Market GRM ($/BBL) • Power & Non-Hydro PTT’s Performance Highlight 1Q25 vs 1Q24 (YoY) • PTT Group performance was pressured mainly from the concerns over rising supply, due to the U.S. energy policies and the announcement of retaliatory U.S. tariffs, exerted pressure on energy prices. 28,968 If excluding extra items ⁓4,600 MB in 1Q24, PTT Group performance in 1Q25 remained stable compared to same period last year. Upstream business decreased from lower average selling price. Gas business’s performance decreased mainly from the GSP from Single Pool policy. P&R performance decreased from lower Market GRM and product spreads. Trading and Oil & Retail business improved from higher gross profit. Unit: MB *Pool Manager price = Gulf of Thailand gas + Myanmar gas + Import LNG 1400 1100 800 500 15 12 9 6 3 0 7
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Awards and Recognition 8CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Corporate Awards The world's top 100 Brand Guardians Index 2025 The Only Thai CEO (#66) Sustainability Awards Financial Awards World # in Oil & Gas Upstream & Integrated (OGX) industry group consecutive year DJSI Member 13 SET Awards 2024 • Innovation Company Awards • Sustainability Awards IAA Awards 14th Institutional Investor Corporate Awards 2024 14th Asian Excellence Award 1 TMA Excellence Awards 2024 Fortune Southeast Asia 500 Ranked # among Thailand’s leading companies 1 Ranked among the top 50 most desirable employers 5 TOP • Outstanding State Enterprise Board of Directors Award (Honorable Mention) • Outstanding Development Cooperation Award (Honorable Mention) • Sustainable State - Owned Enterprise Development Award SOE Award 2024 • Outstanding Social and Environmental Responsibility Award • Outstanding Creativity and innovation Award in the category of Creativity • Outstanding Creativity and innovation Award in the category of Innovation Asia’s Best Companies Award
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28,968 9,311 23,315 1Q24 4Q24 1Q25 118,717 93,291 93,527 1Q24 4Q24 1Q25 PTT Consolidated Performance: 1Q25 782,279 724,373 700,223 1Q24 4Q24 1Q25 REVENUE Unit: MB 3% QoQ 10% YoY REVENUE 700,223 MB Remark: 1/ PTT Gas Business and affiliates 2/ PTT Trading Business and affiliates 3/ Performance of Non-Hydrocarbon Business mainly consists of Innobic and Arun+ 4/ Others mainly contributed by PTTLNG & PTTT • E&P • Gas1/ • Trading2/ • P&R • Oil & Retail • Others EBITDA Unit: MB 0.3% QoQ 21% YoY EBITDA 93,527 MB Net Income Unit: MB >100% QoQ 20% YoY NI 23,315 MB 56% 15% 1% 14% 7% • E&P 46% • PTT (GAS & Trading) 17% • P&R 1% • Oil & Retail 14% NOTE: - Revenue in 2024 was restated due to the reclassification - Power & Non-Hydrocarbon business was presented in FS under New Business and Sustainability (NBS) • Power • Non-Hydrocarbon3/ • E&P • Gas1/ • Trading2/ • P&R • Oil & Retail Non- Hydro carbon Hydro carbon & Power Non- Hydro carbon Hydro carbon & Power Hydro carbon & Power Non- Hydro carbon • Others (0.4%) • Power • Non-Hydrocarbon3/ 4% 3% • Others4/ 19% • Power • Non-Hydrocarbon3/ 2% 1% Hydrocarbon & Power Non-Hydrocarbon Hydrocarbon & Power Non-Hydrocarbon Hydrocarbon & Power Non-Hydrocarbon 6% 11% 36% 28% 16% 0.2% 2% 1% 9
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Decrease in Mkt. GRM Refinery Higher stock gain Lower sales vol. 9,311 (3,104) 2,847 (1,018) 7,208 13,052 (7,421) 23,315 493 1,947 10 Higher feed cost 1Q25 vs 4Q24 PTT Consolidated Performance (QoQ) Remark: 1/ Others mainly contributed by PTTLNG & PTTT 2/ Performance of Non-Hydrocarbon Business mainly consist of Innobic and Arun+ Extra Items • PTT • PTTEP • P&R • Oil & Retail • Others/1 • 1Q254Q24 • Extra Items • PTT • PTTEP Unit: MB 23,315 23,542 Higher gain on foreign exchange rate and lower loss on derivatives Gas Trading Improved crude oil margin Power & Non-Hydrocarbon 13% E&P Higher DD&A from completed asset of G1/61 Oil & Retails >100% P&R Others Higher avg. gross margin per liter of jet fuel, diesel and gasoline Improved feedstock costs Higher gain on derivatives from trading affiliates GSP Non-Hydrocarbon Business: Strengthen performance from pharmaceutical business Higher gain on FX rate Higher IPP & SPP’s gross profit due to lower power plant insurance premium and other expense Power: Extra Items* • IRPC’s share of loss from investment in UCHA: ~-400 MB • PTTGM’s profit-sharing compensation: ~-200MB • IRPC’s reversal on impairment of investment in UCHA: ~200 MB • PTTGM’s gain on restructuring of Horizon Plus: ~100 MB 4Q24: Net loss ~-5,000 MB mainly from (*PTT’s portion net tax amount) 1Q25: Net loss ~-200 MB mainly from S&T Mark-to-market gain on L-T LNG contract Higher performance of non-oil from discontinuation of underperforming businesses • PTTGM’s profit-sharing compensation: ~-2,200 MB • GC’s provision of financial support of Vencorex &PTTAC: ~-2,200 MBLower sales vol. Higher avg. selling price to industrial customers and lower SG&A exp. Power & Non-Hydro/2 • • P&R • Oil & Retail • Others/1 • Power & Non-Hydro/2 Margin 1Q25:115,364 4Q24: 118,468 Stock Gain/(Loss) 1Q25: 1,490 4Q24: 997 OPEX 1Q25: (23,327) 4Q24: (26,174) DD&A 1Q25: (44,800) 4Q24: (43,782) Impairment 1Q25: 673 4Q24: (1,274) FX & Derivatives 1Q25: 3,547 4Q24: (9,505) Int. & CIT Exp. & Other 1Q25: (35,233) 4Q24: (27,812) Other Income 1Q25: 5,601 4Q24: (1,607) 33% >100% 97% 95% NGV Lower overall sales volume 9,311 14,306 >100% TSO Lower maintenance cost despite lower revenue from Tc adjustment Lower expense and higher avg. selling price 567 12,292 (3,579) 2,492 314 2,220 (4,995) 3,843 10,749 328 3,304 946 4,372 (227) Lower sales vol. of LNG imports Increase in product spread of Olefins business Petrochemical
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4,615 692 12,711 1,282 2,806 860 6,002 (25,442) (1,108) 1,360 (245) (5,850) 766 17,261 7,605 28,968 23,315 3,843 10,749 328 3,304 946 4,372 (227) 1Q25 vs 1Q24 PTT Consolidated Performance (YoY) 24,353 23,542 11 Remark: 1/ Others business mainly contributed by PTTLNG and PTTT 2/ Performance of Non-Hydrocarbon Business mainly consists of Innobic and Arun+ 1Q24 1H24 Higher gain on FX and lower loss on Derivatives, despite soften operating performance Gas Shortfall discount in 1Q24, coupled with lower gas cost S&T TSO Higher crude and condensate margins Lower sales vol. of LNG & refined products Trading Power & Non-Hydrocarbon E&P Higher sales volume Oil & Retails Soften oil margin, despite higher volume Others P&R Lower Mkt. GRM Lower stock gain net NRV Increase in sales volume Aromatics: Lower PX & BZ spreads, despite higher sales volume Unit: MB Soften avg. selling price GPSC : Higher share of profit mainly from XPCL and lower DD&A Lower Tc rate and higher maintenance costs 1Q25: Net loss ⁓-200 MB mainly from • IRPC’s share of loss on investment in UCHA: ~-400 MB • PTTGM’s profit-sharing compensation: ~-200MB • IRPC’s reversal on impairment of investment in UCHA: ~200 MB • PTTGM’s gain on restructuring of Horizon Plus: ~100 MB 1Q24: Net gain ⁓4,600 MB mainly from • PTTGM’s gain on disposal of AMOLH ~+4,500 MB • TOP’s Gain on bond repurchase ~+100 MB Extra Items*>100% PTTT: Lower gasoline blending margin and volume Power & Non-Hydro/2 • 1Q25 GSP Higher feed gas cost from Single Pool Gas policy Higher sales volume >100% 74% 18% Improved non-oil performance PTTGM : Increase in sales of Lenalidomide Soften operating performance, despite higher gain on FX 1. Business Performance • BAU (mainly from 22,777 PTTEP and PTT) • Single pool (4,356) 2. Extra items • Impairment loss (168) • Bond Buyback (TOP) 67 3. External Factors • FX Gain 4,314 • Stock Gain net NRV 681 Margin 1Q25: 115,364 1Q24: 140,806 Stock Gain/(Loss) 1Q25: 1,490 1Q24: 2,598 Other Income 1Q25: 5,601 1Q24: 11,451 Impairment 1Q25: 673 1Q24: (93) FX & Derivatives 1Q25: 3,547 1Q24: (13,714) Int. & CIT Exp. & Other 1Q25: (35,233) 1Q24: (42,838) OPEX 1Q25: (23,327) 1Q24: (24,687) DD&A 1Q25: (44,800) 1Q24: (44,555) Refinery Petrochemical (*PTT’s portion net tax amount) • Extra Items • PTT • PTTEP • P&R • Oil & Retail • Power & Non-Hydro/2 • Others/1 Note : These figures are for MIS only Extra Items • PTT • PTTEP • P&R • Others/1 • Oil & Retail • 10% 1Q25 23,315 27% 15% Olefins: Higher PP & PE spreads, despite lower sales volume PTT Only
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Gas Key Drivers Lower Pool gas price despite dropped NG sales volume QoQ YoY Pool gas price increased due to higher Spot LNG price and import volume NG sales volume declined due to a rise in LNG import volume of new shippers, coupled with soften Thailand’s power demand Feed gas cost increased following higher pool gas price Soften sales volume mainly from LPG due to lower household demand despite improved Propane and Ethane sales volume Pool gas price dropped due to lower import volume of Spot LNG, despite higher Spot LNG price Dropped sales volume mainly from power customers due to a rise in LNG import volume of new shippers, coupled with soften Thailand’s power demand NG Key Drivers GSP Key Drivers Higher GSP feed cost and lower sales volume Elevated GSP feed cost despite improved avg. sales volume Feed cost significantly increased following the implementation of Single Pool policy Higher sales volume mainly from Ethane due to the optimization of GSP production plan NG Price NG Volume Unit: MMSCFD GSP Feed Cost vs Petchem. Prices Unit: $/Ton Higher Pool gas price and lower NG sales volume $/MMBTU Unit: $/Ton Feed Cost3 LPG2 LLDPE Propane1 HDPE LDPE QoQ 1% 2% 5% 1% 3% 1% 807 869 799 456 470 497 218 173 211 138 153 147 16 15 1Q24 4Q24 1Q25 GSP Sales Volume U-Rate* 84.1% 87.7% 93.0% Unit : kTon • Pentane (1%) • LPG (48%) • Propane (12%) • NGL (9%) • Ethane (30%) * PTT adjusted the GSP’s max feed capacity from 2,740 MMSCFD to 2,650 MMSCFD 1,619 1,681 1,669 1% QoQ 3% YoY 724 572 616 854 539 292 1,202 1,136 1,082 822 877 907 770 777 862 122 107 104 1Q24 4Q24 1Q25 4,494 4,008 • Industry 22% • NGV 3% • GSP 23% • SPP 28% • IPP 8% • EGAT 16% 3,863 4% QoQ 14% YoY 322 301 315 297 313 465 520 474 463 487 100 200 300 400 500 600 100 200 300 400 500 600 1Q24 2Q24 3Q24 4Q24 1Q25 QoQ YoY 5% 5% 5% 3% FO 2% Pool Gas Price AVG. 2024 = 309 AVG. 2024 = 481 HSFO 180 CST 2%S Avg. Pool Gas price* *Pool Manager price = Gulf of Thailand gas + Myanmar gas + Import LNG 1 LPG price selling to Petro customers close to propane 2 LPG Domestic 3 Feed Cost calculation per GSP production volume, in which the calculation was included the single pool gas price from 2Q24 onwards 1,041 1,052 995 968 978 1,085 1,193 1,248 1,201 1,194 1,029 1,066 1,010 999 1,020 627 592 592 632 625 436 418 428 440 429 300 356 410 391 411 1Q24 2Q24 3Q24 4Q24 1Q25 12
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GAS – EBITDA EBITDA dropped mainly from GSP due to the implementation of Single Pool Gas Price policy YoY Soften EBITDA mainly from GSP due to higher feed cost and lower sales volume QoQ GSP significantly dropped due to higher feed cost and lower sales volume mainly due to soften household’s demand for LPG TSO increased from lower maintenance cost S&T rose from higher avg. selling price to the industrial customers and lower SG&A expenses despite higher gas cost and lower sales volume NGV slightly improved from lower expenses and sales volume, coupled with higher avg. selling price Others increased mainly from PTTLNG’s lower expenses together with higher reserved volume 13 302 2,822 3,164 7,206 6,649 7,155 6,431 3,046 749 (384) (494) (431) 4,419 2,813 3,164 1Q24 4Q24 1Q25 17,974 14,836 13,801 7% QoQ 23% YoY GSP significantly dropped due to higher feed cost TSO decreased from the adjustment of Tc rate and higher costs NGV soften due to lower avg. selling price amid lower gas cost S&T significantly improved due to shortfall discount in 1Q24, coupled with lower gas cost despite soften sales volume Others decreased mainly from PTTLNG due to the reduction of shares in LMPT2 to 50% in Apr 24 S&T NGV Others TSO GSP
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14 Trading Business Higher EBITDA driven by stronger gross margins despite lower sales volume QoQ YoY Margin improved supported by higher unrealized mark-to-market gains on long-term LNG contracts and stronger crude margins, supported by enhanced profit-taking opportunities amid oil price volatility Sales volume declined from lower spot LNG imports due to increased self-imports by new shippers, coupled with lower out-out trading of refined products Gross Margin & Sales Volume Sales Volume 4 Unit: MM LiterUnit: THB/Liter Gross Margin 2 1 PTT Trading BU + Trading subsidiaries: FX Adjusted + Gain/Loss on derivatives 4 PTT Trading BU + Trading subsidiaries, Revised sales volume due to the adjustment of inter-co elimination 2 PTT Trading BU + Trading subsidiaries: FX Adjusted + Gain/Loss on derivatives 3 Revised Gross Margin EBITDA 1 0.10 0.05 0.14 1Q24 4Q24 1Q25 >100% QoQ 40% YoY 26,072 26,162 24,083 1Q24 4Q24 1Q25 8% QoQ 8% YoY Higher EBITDA driven by stronger gross margins despite lower sales volume Margin improved driven by higher crude import and domestic condensate margins Sales volume decreased due to reduced spot LNG imports, along with a decline in out-out trading of refined products 1,694 (13) 2,639 1Q24 4Q24 1Q25 >100% QoQ 56% YoYUnit: MB 3
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1,534,657 1,524,409 874,391 879,688 578,605 576,984 451,131 469,212 1,656,877 1,677,850 1,106,196 1,089,583 675,711 682,860 161616161616161616161616 Financial Position Financial Position Unit: MB Healthy financial position and strong credit ratings Unit: TimesKey Financial Ratios 0.40 0.37 1.65 1.67 2024 1Q25 Net Debt/EBITDA ≤ 2.0 Net Debt/Equity ≤ 1.0 PTT Ratings at Sovereign Level Baa1 Foreign & Local Currency BBB+ Foreign & Local Currency BBB+ Foreign & Local Currency PPE Cash & ST Investment • • • • 3,450,2933,438,784 • Interest Bearing Debt (IBD) • Total Equity• 31 Dec 24 31 Mar 25 0.3% (14% / $13,764 M) (17% / $16,925 M) (25% / $25,805 M) (44% / $44,717 M) (20% / $20,031 M) (31% / $31,962 M) (49% / $49,218 M) (13% / $13,233 M) (17% / $16,973 M) (25% / $25,649 M) (45% / $45,018 M) (20% / $19,821 M) (32% / $32,449 M) (48% / $48,603 M) ($100,873 M) ($101,211 M) Increase in Cash & ST Investment mainly from fixed deposits and short-term investments, as well as cash flows from operations activities from PTT Group Decrease in PPE mainly from TOP’s CFP project, due to the claimable EPC contract guarantee Assets Liabilities & Equity Decrease in Liabilities mainly fromlower short-term and long-term loans of PTT group Increase in Equity mainly from PTT group’s net profits * As of Mar 31, 2025, BOT selling rate USD/THB of 34.09 (End rate) Trade Receivables & Other Current Assets Trade Payables & Other Liabilities Other Non-current Assets 15
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CASH BEGINNING OPERATING INVESTING FINANCING ADJ & OTHERS CASH ENDING 405,139 45,992 57,958 411,254 451,131 +68,662 (27,659) (36,646) +1,758 469,212 PTT Consolidated Cash Flows 1Q25 Paid for short/long- term loans (26,638) Dividend paid (21) Finance cost paid (7,544) CAPEX (PPE, Intangible assets) (25,348) Investments (Sub. & Affiliates) 5,682 Current investments (12,105) Dividend/Interest Received 3,613 Short / Long-term lending loans 478 89Others Received from share issued 24 Investing (27,659) Financing (36,646) MB MB Unit : MB Derivatives 21 Operating 68,662 Non-Cash Adjustments 71,968 Net Income 23,315 Changes in assets & liabilities (17,806) MB Income Taxes (8,815) 31 Dec 24 Cash In 6,115 +41,003 Free Cash Flow Cash & Cash • Equivalents ST Investment • 31 Mar 25 * As of Mar 31, 2025, BOT selling rate USD/THB of 34.09 (End rate) ($11,884 M) ($1,349 M) ($13,233 M) ($2,014 M) ($811 M) ($1,203 M) ($1,075 M) ($52 M) ($180 M) ($12,064 M) ($1,700 M) ($13,764 M) Treasury stock paid (2,556) 16
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Dividend Policy & Historical Payments 32.4% 32.6% 29.8% 30.1% 30.3% 30.8% 33.0% 43.6% 40.4% 34.7% 34.9% 35.5% 40.0% 54.1% 148.6% 49.0% 42.8% 48.2% 62.5% 75.8% 52.8% 62.5% 51.0% 67% 7.71 8.75 13.43 22.40 30.57 34.14 34.82 18.33 21.06 29.58 37.24 36.58 32.52 20.34 6.73 32.68 46.74 4.15 3.20 1.32 3.79 3.20 3.92 3.15 2.50 2.85 4.00 6.75 9.25 10.50 11.50 8.00 8.50 10.25 13.00 13.00 13.00 11.0010.00 16.00 20.00 2.00 2.00 1.00 2.00 2.00 2.00 2.10 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 THB / share * Split par value from 10 to 1 Baht/share since 24 Apr 2018 10-Year Avg. 66% Avg. since IPO 48% Split par* Dividend payout EPS DPS 25% PTT’s min. payout ratio Policy 2.10 DPS 67.0% Payout Ratio THB/ Share 17
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1 Overview 2 1Q2025 Performance Highlight 3 1 Year Strategic Progress & Key Achievement 4 Outlook/Guidance AGENDA 5 ESG 6 Supplementary Information 18
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TOGETHER FOR Vision ปตท. “แข็งแรงร่วมกับสังคมไทย” และ “เติบโตในระดับโลก” THAILAND WORLD Public Sector Customers Committee and Employees Investors Society and Communities Suppliers and Partners Mission To conduct integrated energy and related business as a National Energy Company, While delivering values to all stakeholders with balanced and sustainable approach. SUSTAINABLE 19CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited
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21CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 20CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Competitiveness Enhancement : Existing Business Growth : Necessity & Opportunity Hydrogen & Carbon Business Integration1.2 Non-Hydrocarbon Business Hydrocarbon & Power Business1.1 Sustainability : Unleash Business Values through Sustainability • Balancing ESG outcomes toward resilience and sustainable businesses • Strive for Net Zero, Integrate Sustainability into Business Strategy & Portfolio Planning Enablers for Transformation People, Organization & Digital Transformation Lean & Efficient with Digital IntegrationOperational Excellence Enhancement Foundation Convergence of GRC and Sustainability Value Driven Financial Excellence Cost Competitiveness Enhancement Logistics Electric Vehicle Upstream E&P Gas Power Petchem & Refinery Retail Trading Power Downstream Life Science Revisit : Attractiveness & Right to Play • H2 & CCS as decarbonize tools for PTT Group and country towards Net Zero target • Opportunistic play to transform PTT business BALANCELT Adj. EBITDA & Net Profit Sustainability : Net Zero by 2050 PTT Group Strategy Hydrogen CCS Ensuring energy security and promoting growth while achieving the goal of reducing GHG emissions in a balanced manner
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21CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited • PTT group Synergy Value • Asset Monetization and Others • National Energy Security + 80 MMSCFD • Existing Business Growth • LNG Optimization and Value Creation • P&R Portfolio Reshape • EV Value Chain and Logistics Business Restructure • Life Science Business Growth via Strategic Partner • Reconfirm Target : Net Zero 2050 • Solid plan / interim plan for PTT Group’s Decarbonization • New business opportunities in CCS Hub & H2 for industry Focus Hydrocarbon Business Restructure Non - Hydrocarbon Business PTT Group Decarbonization Profit Enhancement Initiatives Shareholder Value • Thai cost of living support (energy price) • PTT Group SEALs assisting natural disaster victim • Public Welfare and Community Resilience Together for Sustainable Thailand 1 Year Strategic Progress Capital preservation (Y2024 - 2028) ~ 11,000 MB Horizon+ Capital Reduction (cash) ~ 4,100 MB Focus on H ydrocarbon Business & Establish new balance , Regain Shareholder Value ~ 5,000 MB Target within 2028 ~ 3,000 MB Target within 2027 30,000 MB/y Target within 2029 11,000 MB/y Target in 2025 > 8,000 MB in P&L • 67% Dividend Payout Ratio • 6.6% Dividend Yield • 2.1 THB/share • Treasury Stock E&P Proved Reserve 6.2 -> 6.4 Years Renewable Portfolio 10 -> 15 GW
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23CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 22CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Competitiveness Enhancement : Existing Business 1.2 Non-Hydrocarbon Business Hydrocarbon & Power Business1.1 Cost Competitiveness Enhancement Logistics Electric Vehicle Upstream E&P Gas Power Petchem & Refinery Retail Trading Power Downstream Life Science Revisit : Attractiveness & Right to Play BALANCELT Adj. EBITDA & Net Profit Sustainability : Net Zero by 2050 PTT Group Strategy Ensuring energy security and promoting growth while achieving the goal of reducing GHG emissions in a balanced manner Hydrogen CCS
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1 Year Strategic Progress CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Competitiveness Enhancement : Existing Hydrocarbon and Power Business Focus on H ydrocarbon Business & Establish new balance , Regain Shareholder Value Additional Stake in Sinphuhorm • Participating interest raised from 80.487% to 90% • Increased sales vol. by 5-6 KBOED from 16 Apr 2025 Arthit GSA Amendment • Increased DCQ from 280 to 330 MMSCFD (effective 1 Jun 2025 onwards) National Energy Security Renewable Portfolio Expansion 2023 1Q2025 35% 65% 51% 49% 15 GW 10 GW Solar 61% Wind 1% Hydro 3% Solar Farm & Offshore Wind Farm RE Existing Business Growth Acquisition of Ghasha Concession acquires 10% in Ghasha, one of the largest gas fields in UAE > 1,500 MMSCFD (COD 2028) 23 LNG Optimization and Value Creation LNG Import Spot+LT 11 MTPA Key Drivers: 1. Scale - Assessment streamline work process - Aspiration to increase volume ~10 MTPA 2. Diversification - Geographically diversified portfolio 3. Flexibility - Access to infrastructure - Flexibility in contract design Assessed key success factors and developed plans • Organization • People & capability • Process • System Key Enablers: Conventional
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Synergy Value ~151 MUSD All refinery plants start EURO5 diesel production Refocus Portfolio Exit Unprofitable Business • Ethane supply agreement for the period of 15 years with volume 400 KT per year • Investment cost ~ 133 MUSD • Start operation by 2029 Clean Fuel Project (CFP) • Identify and resolve key issues • Establish clear and transparent direction • Ensure smooth project continuation Olefins Feedstock Security 24 CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 1 Year Strategic Progress Competitiveness Enhancement : Existing Downstream Business Existing Business Growth • Strengthening PTT flagship companies to be ready for changing landscape & energy Transition • Bringing in strategic partners to Unlock Value & Enhance Competitiveness • Developed a clear execution strategy • Actively engaged with potential strategic partners • PTT to remain a controlling stake in all flagships P&R Portfolio Reshape Focus on H ydrocarbon Business & Establish new balance , Regain Shareholder Value (~5,000 MB)
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60%40% • Capital Reduction in Horizon + • Reducing paid-up registered capital ~ 4,100 MB in cash 1 Year Strategic Progress Competitiveness Enhancement : Existing Business 1.2 Non - Hydrocarbon Business Restructure Non-Hydrocarbon Business EV Value Chain • Focus on EV Charging & Platform synergy 3,130 Charge Points • Revisit EV Strategy 25 CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Logistics • Exit irrelevant Business • Refocus on synergistic business with PTT Group captive demand Capital Preservation : ~ 11,000 MB (Y 2024 - 2028 ) Focus on Hydrocarbon Business & Establish new balance, Regain Shareholder Value Life Science • Revisit portfolio focus on Pharmaceutical & Nutrition • Clear Growth Plan via Partnership and Self-funding
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26CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Growth : Necessity & Opportunity Hydrogen & Carbon Business Integration Sustainability : Unleash Business Values through Sustainability • Balancing ESG outcomes toward resilience and sustainable businesses • Strive for Net Zero, Integrate Sustainability into Business Strategy & Portfolio Planning • H2 & CCS as decarbonize tools for PTT Group and country towards Net Zero target • Opportunistic play to transform PTT business BALANCELT Adj. EBITDA & Net Profit Sustainability : Net Zero by 2050 PTT Group Strategy Hydrogen CCS Ensuring energy security and promoting growth while achieving the goal of reducing GHG emissions in a balanced manner
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Growth: Necessity & Opportunity Sustainability 2 3 Solar NBS CCS (High-Conc.) CCS (Low to Medium Conc.) SMR Hydrogen 2030 2035 2040 2045 20502024 $/tCO2e abated Marginal Abatement Costs CCS1 CCS Low to Medium conc. Hydrogen Hight conc. SMR2 Solar PV Potential Carbon Price Range $/tCO2 NBS3 PTT Group Potential Technology Pathway: (when abatement cost < carbon price) Remark: 1 Carbon Capture & Storage; 2 Small Modular Reactor (nuclear energy); 3 Nature-base Solutions Source: PTT Group database, Thailand NDC 3.0, BCG, IEA, IMF, World Bank, peer analysis CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 27 PTT Group ha ve already designed Decarbonization Pathways by Aligning Technology and Market Signals: a Better - Off, Cost - Effective Option That Enhances Resilience and Long - Term Value.
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Growth: Necessity & Opportunity Sustainability 2 3 Balancing Business Growth and Net - Zero Goals to Ensure National Energy Security and Sustainable Growth for the Group CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 28 2021 2025 2030 2035 2040 2045 2050 Enable National Energy Security Balance Business Growth and Net-Zero Aspirations Execution with Clarity and the Flexibility to Respond to Signposts Climate- Resilience Business Carbon- Conscious Asset Coalition, co- creation, and collective efforts for all
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Integrated decarbonization across the entire PTT Group, with clear responsibilities and targets by leveraging the strength of Flagships, with PTT governance Upstream Midstream Downstream • Develop Infrastructure • Work with Government: Regulatory Unlock • Carbon Storage & Offshore Facilities Carbon Capture & Storage (CCS) Collaboration with Government Agencies: • Carbon Capture Technology for Specific Need of each Operation • PTT Group invested in Carbon Capture Technology 29CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Growth: Necessity & Opportunity Sustainability 2 3 MOU signing with PTT Group Feasibility study for Eastern Thailand CCS Hub Explore CCS investment opportunities to access knowledge, best practices, partners • Potential storage locations • Potential demands • Business models • Supportive regulatory& instruments • Global CCS projects • CCS development partners • Emerging Technologies Key Highlights PMO – As an Orchestrator & Drive Success Across PTT Group
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For Visualisation P urposes Onshore Pipe (km) Offshore Pipe (km) Shipping (km) CO2 liquefaction plant Terminal / Pipes Offshore Storage Potential customer includes neighboring countries enabling Thailand to be a regional Hub ~ 10 MPTA in first phase Eastern Thailand CCS Hub ( Capture, Transportation & Storage) 30 CO2 captured from various emitters CO2 transported to terminal for treatment
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NH3 = Ammonia • Sourcing / JV for low-carbon H2 / NH3 • Global Investment (Out-Out) • Importing to Thailand when the project is feasible Upstream • Develop Infrastructure • Engage Government & Stakeholders • Law & Regulatory Unlock • Incentive Midstream • Utilize H2 / NH3 • Develop Biz Model Downstream Opportunity Industry Use Mobility Hydrogen (H2) Collaboration with Government Agencies: 31CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Growth: Necessity & Opportunity Sustainability 2 3 Integrated decarbonization across the entire PTT Group, with clear responsibilities and targets by leveraging the strength of Flagships, with PTT governance MOU signing with PTT Group Feasibility study for low-carbon hydrogen business • Potential supplies • Potential demands • Business models • Supportive regulatory & instruments Key Highlights PMO – As an Orchestrator & Drive Success Across PTT Group Build supply and demand partnerships that support Thailand’s PDP and explore potential business cases Explore Blue & Green H2 / NH3 supply arrangement with partners in ME / India Explore potential NH3 co-firing opportunities with Thailand’s coal power plant partners
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33CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 32CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Enablers for Transformation People, Organization & Digital Transformation Lean & Efficient with Digital IntegrationOperational Excellence Enhancement BALANCELT Adj. EBITDA & Net Profit Sustainability : Net Zero by 2050 PTT Group Strategy Ensuring energy security and promoting growth while achieving the goal of reducing GHG emissions in a balanced manner Hydrogen CCS
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CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 33 Key Initiatives for Enhancing EBITDA Uplift Group Synergy Enhancement & Optimization for Domestic Products Digital Transformation Enablers for Transformation 4 PTT Group Target ~3,000 MB per year within 2028 • Group Centralized Supply & Market Management • Expand operations from P1 to D1 PTT Target 11,000 MB per year within 2029 • Identified 80 use cases for next 5 years and set targets to realize quick-win • Assessed readiness and capabilities and designed future state of PTT Group digital ecosystem • AI transformation and Employees Upskill Operational Excellence Enhancement • Enhancing PTT Group performance excellence to uplift EBITDA • A non-regret move to build strengths from within • To deliver concrete and measurable outcomes - 270+ initiatives identified - 10,000 MB impact value estimated (PTT only) - Target 950 MB in 2025 from quick-win initiatives PTT Group Target 30,000 MB per year within 2027 1 Year Strategic Progress
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EBITDA Uplift Non - Digital Initiatives Digital + AI Use Cases Digital Assisted Initiatives Operational Excellence AI Transformation & Synergy AI Value & People • AI-POWERED WORKFLOW TO DRIVE VALUES • LEVERAGE NEW AI TOOLS • FUTURE-PROOF IT INFRASTRUCTURE • DIGITAL & AI INNOVATION FACTORY • OPTIMIZE IT SPENDING • HR + AI INTEGRATION FOR PRODUCTIVITY IMPROVEMENT PERFORMANCE INFRASTRUCTURE CHANGE MANAGEMENT CAPABILITY BUILDING ORGANIZATION TRANSFORMATION BUSINESS PEOPLE DIGITAL/AI USE CASES DIGITAL/AI INFRASTRUCTURE DIGITAL/AI OPS MODEL & CAPABILITIES Transformation – & INFRA & ECOSYSTEM 34
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36CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 35CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited BALANCELT Adj. EBITDA & Net Profit Sustainability : Net Zero by 2050 PTT Group Strategy Ensuring energy security and promoting growth while achieving the goal of reducing GHG emissions in a balanced manner Hydrogen CCS Foundation Convergence of GRC and Sustainability Value Driven Financial Excellence
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1 Year Strategic Progress • Repurchased < 470 million share, 1.65% of the total shares issued • Starting from 24 Mar – 23 Sep 2025 PTT’s stock price remains strong amid negative factor in the chemical market Treasury Stock 1st Share Buyback, positive surprise to lift ROE & EPS Consistent Dividend Payment Build a strong cash flow to maintain dividend stock position 67% Dividend Payout Ratio 6.6% Dividend Yield 2.1 THB/share PTT AGM Foundation : Financial Excellence 5 PTT provides additional ETC to enhance liquidity without affecting PTT’s liquidity nor credit rating Parent Support Additional Extended Trade Credit (ETC) to flagships Focus on H ydrocarbon Business & Establish new balance , Regain Shareholder Value 177 M.Shares 470 M.Shares 36CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited
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The U.S. reciprocal tariffs / Global Recession and Implication to Thailand and PTT Group Slow Economic Growth GDP (%) Macro Economic Impact GDP (%) Interest rate (%) Currency (THB/USD) World US Thailand Remark: 1 - information from tradingeconomics.com 2 – information from IMF, World Economic Outlook, April 2025 China 2024 2025E 3.3 2.8 2.8 1.8 5.0 4.0 2.5 35.3 GDP (%) GDP (%) Interest rate (%) 4.5 4.5 34.0 1.8 2.25 1.75 1 2 2 2 2 Price Dubai (USD/BBL) 69.679.6 Spot LNG (USD/MMBTU) 14.011.9 Impending Challenges in 2025 37CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Potential Impact to energy sector and PTT Potential Impact to Thailand Uncertainty over Trade Uncertainty over FDI Competitiveness of Thai Industries Government Policies Decline in Oil Prices and Increase in Volatility Decline in Commodity Spread due to low growth and pressured margin Mutually beneficial initiatives for Thailand and PTT
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Reaffirm Our Strategy CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited PTT Group Strategy PTT Group War Room PTT sets out a five - point strategic plan in Preparation for Economic Recession Strategy 1 Revisit and expedite existing strategies to ensure readiness Financial Excellence 2 Supply Chain & Customer Project Management Communication 3 5 Evaluate readiness, liquidity, and financial management for resiliency Collaborate with partners and customers to ensure supply chain continuity Reassess investments with thorough risk and impact analysis to enable informed decisions Proactively communicate with all stakeholders to foster a clear understanding of PTT’s readiness 4 Geopolitics Trade War Energy Transition Industry Landscape Change Laws & Regulations Accumulated Factors Strategy is resilient amidst all external factors + recent adverse challenges Trump Tariff 38 Economic Recession ??? Additional Pressures
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CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 39 Being PTT Group Nerve center • Proactive situation monitoring • Timely response to stakeholder expectations 2. Establish Dynamic Scenario-Planning Creating awareness Expedite Profit Enhancement Initiatives to protect and create value 1. Setting Up War Room • MissionX, D1 and Axis • Asset monetization • CEO Townhall (Quarterly) • CEO Podcast Our Approach to Addressing Impending Challenges • Planning process enhancement—ensuring real-time adaptability and further leveraging digital tools • Reformulation of Strategies if needed
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CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 40 PTT Group War Room ACROSS GROUP • Direct and responsive communications to employees, investors, suppliers & partners, customers, public sector, society • Business-Cash Chain Analysis • Expedite MissionX, P1, D1, Axis • Support to loyal customers • Review supply procurement contract & negotiation (If needed) • Invest prudently • Review project feasibility and CAPEX • Aligned strategic communications • Asset monetization • Group funding strategy • Secure new alliances • Financial discipline • Cash management • OPEX saving • Hostile takeover alert • Macro economic simulation model • Scenario planning • Execution plan with signposts • Hedging strategy STRATEGY 1 FINANCIAL EXCELLENCE 2 SUPPLY CHAIN & CUSTOMER 3 PROJECT MANAGEMENT 4 COMMUNICATION 5 INDIVIDUAL • Proactive & Holistic government engagement
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Key Initiatives for Enhancing EBITDA Uplift & responding to Economic Recession Short - T erm Medium - Term Long - T erm Reshape P&R Portfolio MissionX - Operational Excellence D 1 – Domestic Products Management LNG Hub CCS H 2 Non - Hydrocarbon Business Restructuring AXIS - Digital Transformation CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 41 ExistingAdditional Initiative Asset Monetization • Optimize asset portfolios for better performance and long-term sustainability • Potential Profit enhancement ≈ 8,000 MB • Remains a top priority • Cash from Non-core divestment ≈ 15,000 MB Cost Saving • Financial discipline • OPEX saving ≈ 10,000 MB • Group funding strategy / ETC • Preserve Cash to maintain a healthy cash flow during times of uncertainty
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Credit Rating On 29–30 April 2025, Moody’s revised the outlook for PTT and PTTEP to negative, following a change in Thailand’s sovereign outlook. The revision reflects increased risks from U.S. tariffs, a sluggish post-pandemic recovery, and persistent global trade uncertainty—factors that could weigh on economic growth and further pressure on the country's fiscal position. Credit Rating : Affirmed at Baa1 Revised Outlook : Stable Negative -Update- Credit Rating PTT Group aims to maintain an investment-grade credit rating to ensure favorable financing conditions, global funding accessibility, and sustain investor confidence. International Rating Baa1/ BBB+ Baa2/ BBB Baa3/ BBB- Information as of May 7, 2025 National Rating (tha) AAA AA+ AA- A+ A- o PTT & PTTEP: Credit ratings affirmed at Baa1 / BBB+ / AAA(tha), aligned with Thailand’s sovereign rating o Flagship : All rated investment grade for both international and national ratings. o Parental Support : PTT provides additional Extended Trade Credit (ETC) to flagships to enhance liquidity during market pressure, without affecting PTT’s liquidity. o Strengthen PTT Group Financial Position: Pursuing a deleveraging strategy to reduce leverage together with Cost saving and Asset monetization to mitigate performance risk amid economic volatility. at INVESTMENT GRADE Across PTT Group 42
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F&A Strategy in Action Efficient Capital Allocation & Stakeholder Engagement Budgeting Control Portfolio Re-Shuffle Asset Light & Monetization Liquidity & Financial Risk Management A1 / Mission X GenesisOPEX Saving Overall objective of Group F&A Levers to drive impact Renewed approach for long term resilience and growth Portfolio resilience & performance enhancement Balance sheet strength & financial discipline Sustainable shareholders’ return Additional mechanism focused near uncertainties and rapid interventions F&A Nerve Center (War room) • Integrated stress testing and scenario planning • Assess impact on credit rating, shareholder returns • Drive rapid advice and execution Resilience and Growth • ROIC > WACC • PTT Subsidiaries have strong fundamental to be self funded Short-term Long-term F1 Value Driven Financial Excellence Strategic nerve center activated for real-time crisis management and response Strong push to improve performance to build confidence in short & long term business resilience. • Financial discipline and prompt interventions to avoid slip in group credit ratings and business value. • Proactive treasury and risk management to safeguard financial stability. • Demonstrate clear sustainability strategy, roadmap & proper capital allocation to ensure long term business value. 43
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44 Transmission Pipeline Natural Gas LNG Terminal business Trading and Others New Business & Sustainability Non-Hydrocarbon business PTT 5-Years (2025-2029) Committed CAPEX Plan totaling Baht 54,463 million or ~ USD 1.6 bn 1/ Non-Hydrocarbon business New Business & Sustainability Trading and Others 3,086 MB 18,468 MB 6% 4% 2,174 MB 34% 56% Laem Chabang Port#3 (PTT Tank) Innovation and New Venture 10,539 MB (19%) GSP #7 3,414 MB (6%) LNG Terminal (PTT LNG) (improvement & Efficiency) Map Ta Phut Phase#3 (PTT Tank) 12,636 4,037 4,8397,324 Unit: MMTHB 25,627 2025 2026 2027 2028 2029 1/ FX rate (avg.) 34 Baht/USD Gas business group 30,735 MB Innobic’s Life Science Arun plus’s EV value chain Note: 2025 - 2029 budget revision approved by BOD on 19 Dec 24 PTT: Committed CAPEX (PTT and Wholly Owned Subsidiaries) Expanding international trade activities Digital transformation Bang Pakong– South Bangkok Pipeline Natural Gas 16,782 MB (31%)Transmission Pipeline LNG Terminal business Exclude new initiatives that are under study for new opportunities and future investment such as LNG hub, Pipeline networks and Digital Transformation, etc.
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45 5% 72% 20% 3% 46 Committed CAPEX: PTT Group Power Business Upstream Business Unit: MMTHB Key Projects • Onshore and Offshore producing projects in Thailand (G1/61, G2/61, ART, CT4 etc.) • Algeria HBR • Ghasha concession • Mozambique LNG • Malaysia Greenfields • Abu Dhabi offshore 2 Key Projects • Energy Recovery Unit (ERU) Key Projects • GC: Allnex • OR: Oil & Retail Expansion in domestic & international as well as exploring New business through JV • TOP: Clean Fuel Project (CFP), CAP PTT Business Downstream Business Key Projects • Bang Pakong– South Bangkok Pipeline • GSP#7 • LNG Terminal (PTT LNG) • Map Ta Phut Phase#3 Total committed CAPEX during 2025-2029 : ~Bt 998 bn or USD 29 bn 1/ 1/ FX rate (avg.) 34 Baht/USD
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1 Overview 2 1Q2025 Performance Highlight 3 4 Outlook/Guidance AGENDA 5 ESG 6 Supplementary Information 1 Year Strategic Progress & Key Achievement 46
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PTT Group Guidance Econ & Price outlook 2025 Business outlook 2025 Downstream Power Life science Upstream Global 2.8% Thai GDP 2024: +3.3% 2024: +2.5% (IMF) Gas JKM 1% Henry Hub 77% 2025: 4.0-4.5 ($/MMBTU) 2025: 11.0-13.0 PetChem Oil 13% Dubai 9% HSFO 14% SG GRM HDPE 4% PP 16% PX 19% BZ 2025: 65-75 ($/BBL) 2025: 62-72 2025: 3.7-4.7 2025: 910-1,010 2025: 940-1,040 2025: 745-8452025: 760-860 ($/Ton) 6% 1.8% GAS Pipeline & LNG terminal reserve vol. Improve GSP’s U-Rate Soften Gas sales vol. from new players after gas liberalization E&P Vol. increase Maintain competitive Unit Cost Lower avg. selling price following oil price Recovering Thailand electricity consumption Steady growth on sales vol. & margin of Pharma business in Asia and the U.S. Refinery from lower oil price Higher stock loss Soften GRM Product spreads remain challenge following additional supply amid demand slowdown U-Rate of Olefins slightly increase Petchem Oil Improve sales Vol. in line with the GDP improve 47 Downward trend of coal costs Challenges ahead, PTT pursues stability through strategic initiatives
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1 Overview 2 3 4 Outlook/Guidance AGENDA 5 ESG 6 Supplementary Information 1Q2025 Performance Highlight 1 Year Strategic Progress & Key Achievement 48
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CSV / Business with substantial social contributions Leverage strengths of flagships to champion and support group’s reduction target Portfolio Hydrocarbon & Power business* Non-Hydrocarbon business Group’s EBITDA Target after decarbonization expenditures consolidation *Remark: Including Hydrogen and Carbon Business (CCU/CCS) Integrate Sustainability into Business Strategy & Portfolio while balancing ESG outcomes in all aspects with business minds C limate - resilience business Investment Business Restructuring C arbon - conscious asset RECs RECs Efficiency Adv. Tech (CCU, adv. separation, etc.) Clean energy C oalition, co - creation, and collective efforts for all CCS Hydrogen Reforestation Adv. Infrastructure Development Carbon Credit Project CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited XX% Annual EBITDA Growth 2030 Growth 2050 2020 205020402020 2030 GHG Scope 1,2 Net Zero & ESG Net Zero Leading ESG Practices ESG 49
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1 Overview 2 1Q2025 Performance Highlight 3 4 Outlook/Guidance AGENDA 5 ESG 6 Supplementary Information 1 Year Strategic Progress & Key Achievement 50
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51 PTT Group Performance : 1 Q 25 (QoQ & YoY) 1/Including PTTT USA, PTTT LDN, PTTGE, BSA, PTT TCC, PTTDIGITAL, ENCO and VSS % PTT holding 1Q24 4Q24 1Q25 QoQ YoY 1Q24 4Q24 1Q25 QoQ YoY PTT Net Operating Income 692 567 3,843 >100% >100% 692 567 3,843 >100% >100% E&P - PTTEP 18,683 18,299 16,561 (9%) (11%) 65.29% 12,711 12,292 10,749 (13%) (15%) Petrochemical (435) (11,612) (2,452) 79% <(100%) (244) (5,515) (1,036) 81% <(100%) - GC (606) (11,739) (2,567) 78% <(100%) 48.18% (415) (5,642) (1,151) 80% <(100%) - PTTTANK 171 127 115 (9%) (33%) 171 127 115 (9%) (33%) Refining 7,408 1,642 2,298 40% (69%) 1,634 (443) 1,274 >100% (22%) - TOP 5,863 2,767 3,504 27% (40%) 48.00% 941 92 1,848 >100% 96% - IRPC 1,545 (1,125) (1,206) (7%) <(100%) 48.05% 693 (535) (574) (7%) <(100%) Oil - OR 3,723 2,999 4,379 46% 18% 75.00% 2,808 2,233 3,304 48% 18% Power & Non-Hydrocarbon - GPSC/DCAP/PTTES/VISUP/PTTGM 6,581 (1,308) 2,268 >100% (66%) 6,209 (1,811) 1,406 >100% (77%) Others Business 5,791 2,687 4,428 65% (24%) 5,158 1,988 3,775 90% (27%) Inter - PTTER 24 (12) - 100% (100%) 100.00% 24 (12) - 100% (100%) Gas - PTTLNG/PTTNGD/MAP/TTM(T)/TTM(M) 3,459 2,966 3,293 11% (5%) 2,958 2,512 2,782 11% (6%) Other - PTTT/Others1/ 2,308 (267) 1,135 >100% (51%) 2,176 (512) 993 >100% (54%) Shared of Net Income from Affiliates 41,751 12,707 27,482 >100% (34%) 28,276 8,744 19,472 >100% (31%) PTT Consolidated Net Income 42,443 13,274 31,325 >100% (26%) 28,968 9,311 23,315 >100% (20%) Unit : MB Performance 100% Equity Method % PTT
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52 PTT Only Cash Flows 1Q25 Received for loans/bonds 5,787 Finance cost paid (1,679) CAPEX (PPE, Intangible assets) (3,939) Investments (Sub. & Affiliates) (674) Current investments 1,596 Dividend/Interest Received 2,835 Short / Long-term lending loans (11) Operating 20,090 Investing (175) Financing 1,552 Non-Cash Adjustments (9,209) Net Income 20,301 Changes in assets & liabilities 9,381 Income Taxes (383) MB MB MB Unit : MB Free Cash Flow Cash & Cash • Equivalents +19,915 ST Investment • Derivatives 18 Treasury stock (2,556) CASH BEGINNING OPERATING INVESTING FINANCING ADJ & OTHERS CASH ENDING ($589 M) ($5 M) ($46 M) ($23 M) 78,862 23,734 102,596 +20,090 (175) 1,552 123,162 31 Dec 24 795 101,124 22,038 Cash In 22,262 31 Mar 25 ($3,009 M) ($696 M) ($2,313 M) * As of Mar 31, 2025, BOT selling rate USD/THB of 34.09 (End rate) ($3,612 M) ($646 M) ($2,966 M) ($584 M) ($653 M)
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Impact of multiple waves of US tariffs and spillovers World 2025 E CONOMIC O UTLOOKS Growth to Decline amid Trade Tensions and High Policy Uncertainty 3.3 2.8 2.8 1.8 0.9 0.8 5.0 4.0 0.1 0.6 6.5 6.2 2.5 1.8 2024 2025 IMF Forecast – GDP Growth (%) Thailand Growth Headwinds from Global Trade Tensions World US Euro area China Japan India Thailand Tailwinds Headwinds Decrease in energy prices Tailwinds Headwinds Geopolitical tensions More pronounced impact of US tafiff hikes in 2H2025 (depending on negotiation) High household debt burden Surging exports in 1H2025 ahead of tariffs Rising public spending and stimulus measures Low supply-side inflation 53 Rising import competition * Government agencies NESDC = The Office of the National Economic and Social Development Council/ FPO = The Fiscal Policy Office/ BOT = Bank of Thailand 2.5 2.1 2.01 1.5 1.7 2.3 2.3 NESDC * (May 19) FPO * (May 1) BOT * (Apr 30) SCB (Apr 25) KKP (Apr 23) BAY (Apr 21) Oxford (Apr 16) 1.8 (1.3-2.3) Thailand GDP Growth Forecast (%) Sources: IMF WEO (Apr 22, 2025), Blog by Pierre-Olivier Gourinchas, International Industry Research and Economics Department Front-loading ahead of tariffs US 90-day reciprocal tariffs pause Potential inflationary pressures China-US prohibitive tariff rates Policy rate cuts 20252024 Diminished fiscal space Monetary policy easing in major economies Impacts of March earthquake Note: 1 reference case and not baseline
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Price 2024 1Q25 2Q25(E) 2025(E) Dubai 79.6 76.9 63 - 73 65 - 75 Gasoline 93.0 84.7 72 - 82 74 - 84 Gasoil 10 ppm 96.3 91.2 77 - 87 79 - 89 HSFO (3.5%S) 74.0 74.9 62 - 72 62 - 72 VLSFO (0.5%S) 92.1 84.8 71 - 81 72 - 82 Singapore GRM 4.9 3.2 3.8 – 4.8 3.7 – 4.7 Asian Spot LNG 11.9 14.3 10.0 – 11.0 11.0 – 13.0 Henry Hub (HH) 2.4 3.2 3.7 - 4.1 4.0 - 4.5 HDPE 1,015 977 905 - 1,005 910 - 1,010 PP Film 1,033 1,023 935 - 1,035 940 - 1,040 BZ 983 875 700 - 800 745 - 845 PX 961 861 715 - 815 760 - 860 2025 Product Prices Outlook: 54 Source: PTT, PRISM Petroleum Rolling as of 22 April 2025, PRISM Petrochemical Rolling as of 24 April 2025, TBU Analyst as of April 2025 Petrochemical 700 800 900 1,000 1,100 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $/Ton HDPE CFR SEA PP Film CFR SEA PX CFR Taiwan Benzene FOB Korea Petrochemical U.S. retaliatory tariff tensions are slowing the economy, raising costs, disrupting trade, and cutting demand Regional supply decrease through reduced production rates, commercial shutdowns, and extended maintenance Additional supply from new capacities starting up in Asia, particularly in China Slowdown in aromatics demand for use as a blending component in gasoline Petroleum Petroleum MARKET FACTORS BearishBullish 0 10 20 30 40 0 30 60 90 120 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 GRM$/BBL Mogas Gasoil HSFO VLSFO Dubai Singapore GRM Supply risks from U.S. sanctions on Russia, Iran, and Chinese firms tighten the global oil supply Surplus supply from Non-OPEC production, led by U.S. and Guyana U.S. tariffs and retaliation threats weigh on global growth OPEC+ plans to unwind 411 KBD of production cuts in May’25 Gas/LNG 0 10 20 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Asian Spot LNG Henry Hub $/MMBTU Gas/LNG U.S. Drill-Baby-Drill policies Europe will reduce Russian fossil fuels (including LNG) imports China halts U.S. LNG imports Indonesia imposed restrictions on LNG exports Expectedly one of the hottest years on record Easing Europe’s gas storage targets
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20,000 21,000 27,000 10,000 20,000 2,000 8,000 9,000 15,466 6,713 19,065 7,000 23,860 4,000 0 50,000 100,000 150,000 200,000 0 5,000 10,000 15,000 20,000 25,000 30,000 2025 2026 2027 2028 2029 2030 2031 2034 2035 2036 2042 2045 2070 2110 Unit : MB Unit : MB 172,703 133,890 133,901 598,899 567,889 561,806 59,376 58,389 58,569 361,803 324,111 323,159 232,079 192,279 192,470 960,702 892,000 884,965 31 Dec 23 31 Dec 24 31 Mar 25 31 Dec 23 31 Dec 24 31 Mar 25 USD&Others THB Debt Profile : Control Cost & Manage Risk Debt Portfolio Manage debt according to financial risk and policy ConsolidatedPTT Only : Cost of debts ~ 3.87% : % fixed-rate ~ 65% : Avg. debt life ~ 13.01 years : Cost of debts ~ 3.84% : % fixed-rate ~ 67% : Avg. debt life ~ 9.40 years (30%) (70%) (30%) (70%) (37%) (63%) (36%) (64%) (26%) (74%) (38%) (62%) Note : 1. PTT Data as of 31 Mar 25 (THB/USD = 34.0859 THB/JPY = 0.230368) excluding liabilities from finance leases. 2. Debt Outstanding represents amount and portion before derivative swaps and reconciled with accounting. 3. Cost of debts, % fixed rate, and avg. debt life took into account the derivative transactions, including withholding tax (update as of 31 Mar 25). FX: 34.0859 As of 31 Mar 25 *PTTC10DA (Century Bonds) is due on 2 Dec 2110Note: 1. Debt Outstanding for Repayment Profile represents financial data and portion after derivative swaps. 2. Bond repayment amounting 12,505 MMTHB in 2035 is USD swaps to THB. PTT Only : Debt Outstanding and Repayment Profile 55 Unit : MB
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Subsidiaries Consolidate PTT Energy Resources Co., Ltd. PTTER 100.00% PTT Green Energy Pte. Ltd. PTTGE 100.00% Subsidiaries Consolidate PTT Oil & Retail Business Co., Ltd. OR 75.00% Subsidiaries Consolidate PTT Exploration & Production Plc. PTTEP 65.29% 2/ PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00% PTT LNG Co., Ltd. PTTLNG 100.00% Joint Ventures Equity Trans Thai-Malaysia (Thailand) Co., Ltd. TTM (T) 50.00% Trans Thai-Malaysia (Malaysia) Sdn. Bhd. TTM (M) 50.00% Map Ta Phut Air Products Co., Ltd. MAP 51.00% 2/ Petrochemical Subsidiaries Consolidate PTT Global Chemical Plc. 1/ GC 48.18% 2/ PTT Tank Terminal Co., Ltd. PTT TANK 100.00% Refining Subsidiaries Consolidate Thai Oil Plc. 1/ TOP 48.00% 2/ IRPC Plc. 1/ IRPC 48.05% 2/ Subsidiaries Consolidate Global Power Synergy Plc. 1/ GPSC 75.23% 2/ PTT Energy Solutions Co., Ltd. 1/ PTTES 40.00% Joint Ventures Equity District Cooling System and Power Plant DCAP 35.00% VISUP Co., Ltd. VISUP 22.22% Remark : 1/Subsidiaries that PTT holds less than 50.00% but being consolidated because PTT has the power to control the financial and operating policies 2/Holding portion of PTT Group (direct & indirect) Data as of 31 Mar 2025 Subsidiaries Consolidate PTT International Trading Pte. PTTT 100.00% PTT International Trading London Ltd. PTTT LDN 100.00% PTT International Trading USA Inc. PTTT USA 100.00% PTT Group Accounting Structure Others Fair value CHCJ EQ LLC. CHCJ 49.95% Congruent Opportunity Fund A, LLC CongruentOppFundA 42.17% NTG Holdings Pte. Ltd. NT 12.79% InnoSpace (Thailand) Co., Ltd. InnoSpace 11.98% Sunfolding, Inc. Sunfolding 5.81% Shenzhen Immotor Technology Co., Ltd. Immotor 3.05% Baania (Thailand) Co., Ltd. Baania 2.63% Ample, Inc. Ample 1.13% 6K, Inc. 6K 1.04% HG Robotics Co., Ltd. HG ROBOTICS 0.60% Luminar Technologies, Inc. Luminar 0.06% Others Fair value Sarn Palung Social Enterprise Co., Ltd. SPSE 20.00% Dhipaya Group Holdings Plc. TIPH 13.46% Joint Ventures Equity Veolia Sustainable Solution (Thailand) Co.,Ltd. VSS 40.00% E&P and Gas Business Group International Trading Business Group Petrochemicals & Refining Business Group Oil and Retail Business Group New Business and Sustainability Business Group International Investment Business Group Other Businesses 3/PTT holds 100.00% of BSA’s ordinary shares, PTT’s ownership interest in BSA is 100.00% 56 Subsidiaries Consolidate PTT Treasury Center Co. Ltd. PTT TCC 100.00% PTT Global Management Co., Ltd. PTTGM 100.00% Energy Complex Co., Ltd. EnCo 50.00% Business Service Alliance Co., Ltd. 1/ BSA 25.00%3/ PTT Digital Solutions Co., Ltd. 1/ PTT DIGITAL 20.00%
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79.4 72.0 73.4 47.2 45.8 45.7 1Q24 4Q24 1Q25 57 345 355 355 128 145 129 1Q24 4Q24 1Q25 E&P Performance NI decreased due to lower sales revenue along with higher DD&A and operating expense NI decreased due to lower sales revenue and higher DD&A QoQ Normal operation: decreased in sales revenue from lower average sales volume mainly from Oman Block 6&61 and Algeria HBR as well as increased in DD&A mainly from additional completed assets of G1/61 Non-operating items: higher loss recognition mainly from loss on FX rate Normal operation: decreased in sales revenue mainly from lower average selling prices as well as higher DD&A mainly from G1/61 following higher sales volume and higher operating expense due to higher maintenance activities of G2/61 Non-operating items: lower loss recognition mainly from gain on oil price hedging in 1Q25 while there was a loss in 1Q24 Key Drivers Sales Volume Unit: KBOED Unit: MUSD Product Prices * Includes Gain/(Loss) on FX, Deferred tax from Functional currency, Current Tax from FX Revaluation, Gain/(Loss) from Financial Instruments, Impairment loss on assets etc. Non-recurring* Recurring NI Liquid ($/BBL) Gas ($/MMBTU) Weighted Avg. ($/BOE) Liquid Gas 473 500 Net Income YoY NOTE: Net income 100% of PTTEP 8% YoY 2% QoQ 484 2% YoY 3% QoQ 9% QoQ 7% YoY (19) 8 (2) 543 531 490 1Q24 4Q24 1Q25 524 539 3% YoY QoQ 2% YoY 2% QoQ 488 5.9 5.9 6.0
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E&P: Guidance & Strategy 2025 Guidance New Business Update (Beyond E&P) Business Update (E&P) Strategy Refinement 58
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1.10 0.83 1.02 59 Net Income Oil Business: OR Group QoQ Oil : Higher oil margin per liter mainly from jet fuel, diesel, and gasoline despite soften sales volume Non-Oil : Higher performance from the discontinuation of underperforming businesses and lower operating expenses despite lower sales volume Oil Business Sales Volume Non-Oil Business Avg. Dubai Margin* Unit: THB/Liter *Gross margin included stock gain/(loss) LPG Aviation Diesel Fuel Oil Gasoline Others 1/ Thailand, Japan, Oman, Myanmar, Malaysia, Saudi Arabia, and Bahrain 2/ Thailand Amazon (MM Cups)1/ C-Store (Outlets) 2/ 2,241 2,308 2,331 1Q24 4Q24 1Q25 4,221 4,462 4,507 99 103 104 Amazon (Outlets)1/ 1% QoQ 7% YoY Unit: MB Unit: MM LiterUnit: $/BBL NOTE: Net income 100% of OR YoY Non-Oil : Higher performance from the discontinuation of underperforming businesses and lower operating expenses together with higher sales volume Oil : Lower margin per liter mostly from diesel and gasoline despite higher sales volume mainly from jet fuel 1% QoQ 5% YoY Improved performance from lower Non-Oil business’s operating expenses despite Oil business’s margin squeezed Improved performance from higher margin of Oil business and lower operating expenses of Non-Oil business AVG. 2024 = 79.6 1% QoQ 4% YoY 5% QoQ 4% YoY 23% QoQ 7% YoY 1Q24 4Q24 1Q25 46% QoQ 18% YoY 3,723 2,999 4,380 4% QoQ 5% YoY 14% 13% 13% 17% 17% 20% 41% 43% 40% 6% 6% 6% 20% 19% 19% 2% 2% 2% 6,478 7,075 6,708 1Q24 4Q24 1Q251Q24 4Q24 1Q251Q24 4Q24 1Q25 81.3 85.3 78.3 73.6 76.9 1Q24 2Q24 3Q24 4Q24 1Q25
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Net Income P&R Business Performance improved from petrochemical business despite refining business decreased Refinery 7.9 4.3 3.1 0.3 (1.4) 0.6 0.1 0.4 0.4 8.3 3.3 4.1 Refinery U-Rate Acc. GRM $/BBL Avg. Dubai $/BBL 98% 102% 104% 81.3 73.6 76.9 Olefins Aromatics 1,041 968 978 1,029 999 1,020 1,044 1,015 1,023 686 652 658 83% 82% 80% 1,027 839 861 1,000 897 875 677 614 635 83% 91% 84% BTX U-Rate (GC’s plant) Avg. Price: $/Ton PX: 3% 16% Condensate: 3% 6% BZ: 2% 13% QoQ YoY QoQ Petrochemical’s performance increased due to Olefins business following improved feedstock costs mainly from GC Refining’s performance decreased mainly from lower Market GRM primarily from a decrease in product spreads of most products Loss on non-recurring items decreased mainly from impairment of PTTAC and Vencorex of GC in 4Q24 PP LLDPE HDPE Naphtha PX Condensate BZ NOTE: Net income 100% of TOP, IRPC, GC, and PTT TANK PTT TANK GC TOP IRPC Mkt GRM Stock G/L excl. NRV Hedging G/L The overall performance of Petrochemical and Refining business decreased YoY 1Q24 4Q24 1Q25 Refining’s performance decreased mainly from lower Market GRM despite higher stock gain and sales volume Petrochemical’s performance decreased mainly from Aromatics business due to the decrease in PX and BZ spreads despite higher sales volume Unit: MB PTT TANK GC TOP IRPC 5,863 2,767 3,504 1,545 (1,125) (1,206)(606) (11,739) (2,567) 171 127 115 (154)(9,970) 1Q24 4Q24 1Q25 Avg. Price: $/Ton Olefins U-Rate (GC’s Plant) PP: 1% 2% LLDPE: 2% 1% HDPE: 1% 6% Naphtha: 1% 4% QoQ YoY 98% QoQ >100% YoY 6,973 601Q24 4Q24 1Q25 1Q24 4Q24 1Q25
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61 P&R : Projects Update High value business (HVB) Acquired 100% share of Allnex Olefins investment (Investment in PT Chandra Asri: CAP) Ole 2 Modification plant project Ultra Clean Fuel CFP (Clean Fuel Project) Objective/ Capacity • To diversify geographic targets in specialty chemical and expand global footprint (Basic chemical Performance Chemicals & Green Chemicals) • Global producer of industrial coating resins and additives • Total capacity around 1,297 KTA • Further extend Hydro- Carbon value chain to Olefins • Use excess feedstock from CFP project (Naphtha) to create more flexibility and competitiveness. • Investment 15.38% in petrochemical producer (Olefins) in Indonesia with total capacity around 4,232 KTA *Realized CAP contribution in 4Q21 onwards • To increase Propane usage as feedstock • To enhance feedstock flexibility and long-term competitiveness • To increase refinery plant’ s efficiency and upgrade diesel quality to meet the Euro 5 standard • Increase 75 KBD of diesel capacity in Diesel hydro-treating Unit • Upgrade lower value products higher value products • Ability to process heavier (cheaper) crude oil • Refining capacity 275 400 KBD CAPEX €4,002 million or equivalent to 148,417 MB not exceed 1,183 M.USD or equivalent to 39,116 MB 165 MMUSD or equivalent to 5,198 MB 13,300 MB 4.8 Bn.USD incl. ERU unit 757 MMUSD COD 4Q2021 (Dec) FID 2023 3Q2023 2Q2024 (Apr) COD unit HDS-4 in 2024 2023 CFPOle 2 Modification project Ultra Clean Fuel HVB (Allnex) Olefins investment 2022 2024
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1,326 887 1,159 3,641 3,717 3,852 256 238 238 1Q24 4Q24 1Q25 4,905 2,982 4,852 3,262 4,628 3,343 2% QoQ Power Steam 12% YoY 5% 6% Power-GPSC QoQ YoY Performance improved from higher share of profit as well as lower DD&A Lower share of loss from XPCL following higher water level (La Niña) and AEPL due to the increase of COD project and higher electricity output, supported by stronger seasonal solar irradiance Lower DD&A from lower amortization of the fair value of net assets acquired from GLOW Performance improved from higher IPP’s and SPP’s margin Key Drivers Unit: MB Unit: Power: GWh / Steam: kton 22% 22% 25% IPP SPP VSPP* Gross profit margin Gross profit 5,223 4,842 Unit: MB *VSPP and others Sales Volume NOTE: Net income 100% of GPSC Net Income 14% QoQ 32% YoY 5,249 Higher IPP and SPP’s margin from lower insurance premiums for power plants due to more stable power plant operation and higher steam demand of industrial customers Lower dividend income and share of profit from associates and joint ventures mainly from dividend received from RPCL 8% QoQ 0.5% YoY 864 1,000 1,140 1Q24 4Q24 1Q25 1Q24 4Q24 1Q25 62
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63 CFXD : offshore wind in Taiwan Power-GPSC Upcoming Projects to Bolster Future Growth Avaada Energy Private Limited (AEPL)
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• CCS project 1st injection at Arthit Field • My Greenfields : 2H ~190 MMSCFD & ~20 KBPD • Gasha (HGD) : 1H ~1,500 MMSCFD & ~140 KBPD • MOZ LNG : 2H ~13 MTPA Completed In progress Wait for FID PTT Group : Upcoming Projects 5th onshore pipeline (Ph.2) Total pipeline length ~ 430 KM. • Abu Dhabi Offshore 2 (Waset) : 2H ~180 MMSCFD • Southwest Vietnam PTTEP hold 7-8.5% 490 MMSCFD or ~80 KBPD 2026 2025 2028 Clean Fuel Project (275 400 KBD) Changfang & Xidao Project in Taiwan Offshore Wind power: 149 MW equity capacity *GPSC hold 25% Bang Pakong– South Bangkok Pipeline Length ~ 80 KM. 2027 • Avaada Project in India Solar Power Platform : 7,262 MW equity capacity *GPSC hold 42.93% • ERU Project (Power 250 MW) • Gasha (DGD) : 2H ~340 MMSCFD 2029 • Algeria HBR (Phase2) : 2H ~30 KBPD NOTE: The COD of GSP #7 (460 MMSCFD) to replace GSP #1 is under revision 64
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Gas Transmission Tariff Zone 1 Zone 2 Zone 3 Zone 4 Offshore pipeline network (Gas separation plant) Offshore pipeline network in Khanom area Onshore pipeline network Onshore pipeline network in Chana area Zone 5 Onshore pipeline network in Nam Phong area Gas Transmission Tariff calculation 65 Baht/MMBTU Zone Tariff (New) Td1 Tc2 Total 1 12.89 0.20 13.09 2 2.11 0.02 2.13* 3 11.69 1.48 13.17* 4 1.01 0.12 1.13* 5 0.27 0 0.27 Tariff calculation Building Block : WACC ⁓ 6.48-7.31% NOTE: *Not including Zone 1 tariff / 1/Effective from 25 August 2022 onwards / 2/Effective from January 2025 onwards
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Gas Business Generates Stable Returns Sole owner and operator of entire gas transmission pipelines in Thailand (~ 4,500 km), a regulated business • WACC ranges between 6.5% - 7.3% for transmission pipeline investment Supply & marketing of natural gas provides fixed margin with long-term contracts of 25-30 years 6 Gas Separation Plants; Total production 6.2 MTA; reference to petrochemical market price Overview Gas transmission pipeline capacity Unit 1 320 MMcf/d Unit 2 and 3 780 MMcf/d Unit 4 170 MMcf/d Unit 5 530 MMcf/d Unit 6 850 MMcf/d 66 Gas Separation Plant’s maximum processing capacity:
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Thank You PTT Public Company Limited Tel. +66 2 537-3518, Fax. +66 2 537-3948 Website: http://www.pttplc.com E-mail: ptt-ir@pttplc.com Investor Relations Department The information contained in our presentation is intended solely for your personal reference only. Please do not circulate this material. If you are not an intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events, financial performance and result of PTT’s activities. These views are based on assumptions subject to various risks and uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions are correct. Actual results may differ materially from those projected. The information contained in this presentation is subject to change without notice and PTT does not undertake any duty to update the forward- looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. Disclaimer