Slides
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Analyst Meeting 3Q & 9M2025 19 November 2025
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3 PTT Group Strategy 2025 Progress 9M25 Financial Performance & Strategy and Outlook / Guidance AGENDA 2 9M2025 Performance Highlight & Key Achievement 1
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Revisit Non-Hydrocarbon Business 2025 PTT Group Strategy Upstream E&P Gas LNG Power Power P&R Retail Trading Downstream Key Events 2025 CCS H2 & Carbon Business Integration Focus Hydrocarbon Business Key Highlight 9M2025 Hydrocarbon Business Non-Hydrocarbon Business Shareholder & Bondholder Engagement FEB Consistent Dividend Payment 67% Payout Ratio 6.6% Yield 2.1 THB/share for year 2024 MAR 1st Share Buyback purchased 0.84% of the PTT’s paid- up shares, with a total value of ⁓ 7,549 MB JAN Capital Reduction in Horizon+ ~ 4,100 MB in cash 60%40% 2Q APR Additional Acquisition of Sinphuhorm’s stake increasing net sales by +5-6 KBOED Investment Cost: 39 M.USD JUL Acquisition 50% Participating interests of MTJDA A18 increasing net sales by +17 KBOED Investment Cost: 450 M.USD SEP Deal completion of Algeria Touat increasing net sales by +6-7 KBOED Investment Cost: 274 M.USD SEP PTT Group Asset Monetization under A1-Core Projects Total Project Cost: ≤ 47,249 MB SEP Interim Dividend Payment 57% Payout Ratio 7.3% Yield 0.9 THB/share for 1H2025 SEP In USD Bond for the total amount of 1,100 M.USD GC issued Perpetual Debenture SEP Issued 2 series of THB Bond for the total amount of 20,000 MB PTT Debenture AUG Divestment of Neo Mobility aligned with Business Restructuring & Smart Exit SEP Acquisition of New Alvogen with the equity value at ⁓ 658 M.USD (65% of cash and loans from Lotus) JUL Shareholding restructure of Lotus through the sale of share up to 2% 3Q 1Q CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Profit Enhancement ~ 15,000 MB EBITDA 9M25 ~ 260,000 MB Ample Liquidity ~ 413,718 MB Asset Monetization: Cash ~ 15,000 MB A1 Project ~ 47,000 MB 3 Life Science Hydrogen Electric Vehicle
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9M24 9M25 Pool Price* (THB/MMBTU) AVG. Dubai Price ($/BBL) PX ($/Ton) HDPE ($/Ton) Singapore GRM ($/BBL) *Pool Manager price = Gulf gas + Myanmar gas + Imported LNG 80,761 PTT* • PTTEP • P&R • Others • Unit: MB • Extra Items • PTT* • PTTEP • P&R • Oil & Retail • Others • Power 64,632 E&P Softer avg. selling price ~12,000 MB P&R~5,300 MB Lower product spreads Lower stock loss Higher sales volume Extra items~4,400 MB Lower gas performance from drop in petrochemical price & sales volume PTT * Including Gas & Trading Business and its affiliates i.g. PTT LNG & PTTT 59,679 80,174 ~6,200 MB Non-HC • Extra Items • Oil & Retail • Power • 5% QoQ 10% YoY 13% YTD PTT’s Performance Highlight 9M25 vs 9M24 (YTD) 7% QoQ 11% YoY 7% YTD 2% QoQ 8% YoY 8% YTD 4% QoQ 11% YoY 17% YTD 29% QoQ 11% YoY 10% YTD 50 150 250 350 40 70 100 130 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Oct’25 Dubai ($/BBL) Pool Price (THB/MMBTU) 70.1 279 81.3 322 85.3 301 78.3 315 73.6 297 313 76.9 65.0 299 66.9 AVG. 9M24 = 81.6 AVG. 9M24 = 312 AVG. 9M25 = 71.3 AVG. 9M25 = 289 839 1,041 1,027 1,052 1,039 995 942 968 839 7.3 3.5 3.6 5.0 3.2 5.6 920 15 12 9 6 3 0 978 861 893 802 939 808 4.0 SG GRM ($/BBL) AVG. 9M24 HDPE = 1,029 PX = 1,003 SG GRM = 4.8 AVG. 9M25 HDPE = 946 PX = 836 SG GRM = 4.3 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Oct’25 24,707 28,757 (4,060) 7,077 2,452 580 166 4,953 • Non-HC 30,869 40,760 1,215 3,989 726 648 587 1,967 Oil & Retails ~3,100 MB Stronger non-oil performance Profit Enhancement 9M25 ~15,000 MB A1, MissionX, and Cost Saving 4CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited TOP: Bargain purchase of ACE and bond buy back ⁓+5,000 MB GC: Vencorex deconcolidation ⁓+900 MB
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3 PTT Group Strategy 2025 Progress 9M25 Financial Performance & Strategy and Outlook / Guidance AGENDA 2 9M2025 Performance Highlight & Key Achievement 1
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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 6CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited
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Driving for Balanced & Equitable Energy Transition Security Sustainability Affordability/ Competitiveness • Provide accessible energy at affordable prices • Strengthen energy security to accommodate economic expansion and the growing energy demand • Drive business growth with a focus on holistic sustainability • Pursue economic growth in parallel with greenhouse gas reduction Energy trilemma 7CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited
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PTT Group Strategy 2025 Ensuring energy security and promoting growth while achieving the goal of reducing GHG emissions in a balanced manner 8CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited BALANCE LT Adj. EBITDA & Net Profit Sustainability : Net Zero by 2050 1 Competitiveness Enhancement & Growth : Existing Business 2 Necessity & Opportunity Hydrogen & Carbon Business Integration 1.2 Non-Hydrocarbon Business Hydrocarbon & Power Business1.1 3 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 4 Enablers for Transformation Operational Excellence, AI & Digital Transformation and People & Organization 5 Foundation Convergence of GRC and Sustainability Value Driven Financial Excellence Cost Competitiveness Enhancement Electric Vehicle Upstream E&P Gas Power Petchem & Refinery Retail Trading Power Downstream Life Science Self-funding growth • H2 & CCS as decarbonize tools for PTT Group and country towards Net Zero target • Opportunistic play to transform PTT business • Feasible, Flexible & Signpost driven Investment Hydrogen CCS Stakeholder Management EV Chargers focused Triple Transformation LNG Value Chain LNG Asset Monetization Synergize, Optimize & Monetize assets to increase utilization and uplift performance New Ventures Sustainability & AI Tech
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Existing Business 1 • Sustain Domestic Gas Supply • Expand International Growth • Drive Cost Competitiveness • Ensure Energy Security • Enhance Performance • Domestic PDP Bidding and Non- PDP opportunities from Third-Party Access (TPA) • Oversea opportunity in Renewable Energy (RE) Growth E&P Gas Upstream 9 Progress Power Downstream • New growth along LNG value chain targeting 10 MTPA in 2030 & 15 MTPA in 2035 • Build strong LNG Portfolio with scale, diversification and flexibility LNG Value Chain • EBITDA uplift • Asset Optimization & Monetization • Reshape portfolio P&R Trading Mobility & Lifestyle • Enhance Synergy with P1 & D1 • Thailand Mobility Partner • Leverage OR Ecosystem for Growth • PTTEP : o Ramp up domestic production (Arthit, Sinphuhorm, MTJDA, B8/32) o Expand international investment in Algeria (34% in Reggane ii and 22.1% in Touat) • LNG : LNG value chain restructure to drive group synergy o LNG Portfolio Volume (9M2025) = 2.2 MTPA (Out-Out volume increased up to 20%) o Finalized long-term LNG contracts ~1.6 MTPA, securing supply & demand for 2027 onwards • P&R : PTT Tank & Tank Infra successfully set up as infrastructure flagship • Genesis : Progress as planned • OR : Maintain No.1 market share o Expand EV Charging and Lifestyle o Exit Non-performing Business • Virtual Bank : License awarded, Preparation in progress • GPSC: • 2.2 GW of RE from AEPL (Equity Portion) •Plan to grow 9.1 GW by 2030 •Portfolio Rebalance Enhancing ROIC including AEPL capital recycling and other divestments • Work closely with government to advocate for Direct PPA and TPA Opportunity CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Progress Progress
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Existing Business 1 Non-Hydrocarbon 2,3 Sustainability & Growth Opportunity Non-Hydrocarbon EV Life Science • Restructure & turn around EV business targeting smart exit as planned • Synergize EV charger business with OR • Self-funding and growth with partners toward IPO in 2030+ New Ventures • Align and streamline PTT Group Venture investments, focusing Sustainability and AI tech Decarbonization 15% GHG reduction in 2035 Net zero 2050 vs. 2021 base year , scope 1, 2 Feasible Signpost-driven Strategically flexible 10CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited • EV Business Restructuring: o Cash receipt of ∼12,000 MB from Horizon+ capital reduction, CATL and Neo Mobility Share Sales • Life Science Business Growth via Strategic Partner: o Lotus shareholding restructure in process & US investment approved • New Ventures : Group CVC investment alignment and collaboration • Target set & PTT Group Decarbonization Master Plan completed CCS H2 • Arthit CCS Pilot Project FID (1 MTPA) • Complete Eastern Thailand CCS Hub Study • Seismic Survey approved by the CCUS Subcommittee and NCCC • Tech. development and feasibility study with potential partner • Engage supply and demand partnerships and explore potential business cases Progress Progress
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CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Short - T erm Medium - Term Long - T erm Key Initiatives for Enhancing EBITDA Uplift & responding to Economic Recession Reshape P&R Portfolio 30,000 MB/y within 2027 MissionX - Operational Excellence Petroleum 3,000 MB/y 2028 Petrochemical 2,800* MB/y 2030 D 1 LNG Growth Non - Hydrocarbon Business Restructuring AXIS - Digital Transformation 12,000 MB/y within 2029 Existing Additional Initiative Asset Monetization • Optimize asset portfolios for better performance and long-term synergy • Unlocked intrinsic value from previous investment • Potential Cash Generation from EV & Power in 9M2025 ~ 15 Bn.THB (2025-2026 target: ~ 100 Bn.THB) Cost Saving *Initial evaluation ** Net Income (%Equity) 2030 : 10 MTPA 2035 : 15 MTPA 9M2025 : 460 MB (2025 Target : 695 MB) 9M2025 : ~8,332 MB (2025 Target : 10,000 MB) 9 M 2025 : ~ 155 MB ( 2025 Target : 200 MB) CCS 2025 : Complete H2/NH3 business roadmap 2030 : Establish supply network, infrastructure Demonstrate NH3 co-firing in power plant 2025 : Arthit CCS FID 2028 : Arthit CCS COD (1 MTPA) 2034 : Eastern Thailand CCS Hub (5+ MTPA) Hydrogen P1 9M2025 : Total Benefit 3,174 MB (2025 Target: 3,421 MB) 11 • Strengthen Balance sheet with Cash ~ 414 Bn.THB 2025 : Progress as planned 2026 : Finalize • Financial discipline • OPEX saving 9M2025 ~ 4,104 MB** (2025 Target: ~ 10,000 ++ MB) • Group funding strategy / ETC
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1. Optimizing P&R Portfolio 2. Strengthening flagship amid landscape change 3. Engaging long-term strategic partners who bring in values 4. PTT remains controlling stakes in all flagships Principles Target companies Genesis (P&R Portfolio Reshape) 12CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited Petrochemical & Refining (P&R) Subsidiaries Project Progress & Timeline • On-going discussions with potential strategic partners to formalize plan. Once there is a clarity, update will be done in due course. • Target transaction close within 2026
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Enhance Profitability - asset & capital optimization - synergy unlock Cash Unlock - strengthen balance sheet ROIC Improvement by 5-10%Increase Asset Utilization & Optimization Accelerate Decarbonization Capability Maintain a solid Credit Ratings standing at investment grade Targets Objectives Synergy and 0ptimization to unlock Cash in 2025 – 2026 by ~ 100 Bn.THB CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 13
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To unlock hidden value, boosting cash flow and net income - crucial for resilience during economic downturns 2025P-2026P ~100 o EV Business o Infrastructure o Life Science Horizon+ ~ 4,000 MB EV business (CATL) ~ 2,400 MB EV business (CATL & Neo) ~ 4,300 MB Power (Avaada) ~ 2,400 MB EV business (CATL) ~ 1,200 MB P&R business (TOP) ~ 4,300 MB 1Q25 3Q252Q25 4Q25 Project Progress & Timeline 1Q26 Cash 2026 o EV Business (Cash) o Power (Cash) o Genesis 9A2025 Cash A1-C A1-NC A1-NH - ~4 ~3 ~0.4 ~12 ~0.6 CASH NI NI~15 Bn ~5 Bn Unit: Bn.THB 14 A1-NH Non-Hydrocarbon Assets: Pharmaceutical & EV A1-C Core Assets: Infrastructure & Utilities A1-NC Non-Core Assets: Land & Building A1-Others Business Restructuring A1-C Infra restructuring (GC & TOP) * *Private company
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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 1 Fortune Southeast Asia 500 among Thailand’s leading companies 1 Ranked among the top 50 most desirable employers 5 TOP CONFIDENTIAL & PROPRIETARY Any use of this material without specific permission of PTT is strictly prohibited 2025 Rating AA Ranked # #284 in 2025 Ranked Awards and Recognitions consecutive years 17 BEST CEO, BEST CFO & BEST IR IAA Awards for Listed Companies 2025 Excellence CG Scoring Best State Enterprise CEO CEO Econmass Awards 2025 Leadership in sustainability and governance 15
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3 PTT Group Strategy 2025 Progress 9M25 Financial Performance & Strategy and Outlook / Guidance AGENDA 2 9M2025 Performance Highlight & Key Achievement 1
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16,324 21,533 19,784 80,761 64,632 3Q24 2Q25 3Q25 9M24 9M25 68,892 78,661 85,769 302,943 257,957 3Q24 2Q25 3Q25 9M24 9M25 PTT Consolidated Performance: 3Q25 & 9M25 761,858 676,754 646,689 2,366,080 2,023,666 3Q24 2Q25 3Q25 9M24 9M25 REVENUE Unit: MB 4% QoQ 15% YoY REVENUE 2,023,666 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 9% QoQ 24% YoY Net Income Unit: MB 8% QoQ 21% YoY NI 64,632 MB 59% 16% (0.4%) 12% 6% • E&P 43% • PTT (GAS & Trading) 20% • P&R 3% • Oil & Retail 11% NOTE: - Revenue in 2024 and EBITDA in 2Q25 was restated due to the reclassification - Power & Non-Hydrocarbon business was presented in FS under New Business and Sustainability (NBS) • Power • Non-HC3/ • 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-HC3/ 5% 3% • Others4/ 19% • Power • Non-HC3/ 4% 0.4% Hydrocarbon & Power Non-Hydrocarbon Hydrocarbon & Power Non-Hydrocarbon Hydrocarbon & Power Non-Hydrocarbon 7% 11% 36% 27% 16% 0.3% 2% 1% 14% YTD 15% YTD 20% YTD EBITDA 257,957 MB 17
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9M25: Net gain ⁓+5,000 MB mainly from • TOP’s bargain purchase of ACE ~+3,400 MB • TOP’s bond buyback ~+1,600 MB • GC’s Vencorex deconsolidation ~+900 MB • PTTEP’s Mexico project write-off ~(800) MB 9M24: Net gain ⁓+600 MB mainly from • PTTGM’s gain on disposal of AMOLH ~+4,500 MB • PTTLNG’s gain disposal of PE LNG ~+4,300 MB • GC’s impairment loss from PTTAC and Vencorex ~ (8,100) MB (60,060) 10,316 4,758 4,754 (6,937) 8,421 (2,622) 25,241 Power 64,632 9M25 vs 9M24 PTT Consolidated Performance (YTD) 59,679 18 Remark: 1/ Others business mainly contributed by PTTLNG and PTTT 2/ Performance of Non-Hydrocarbon Business mainly consists of Innobic and Arun+ 9M24 Soften operating performance, higher loss on derivatives and lower gain on FX Gas Shortfall discount in 9M24, coupled with lower gas cost Lower sales volume S&T TSO Higher crude import margin Trading E&P Higher sales volume Oil & RetailsOthers P&R Unit: MB Soften avg. selling price Lower finance cost, higher FX gain Higher share of profit from XPCL and AEPL Lower revenue from Tc rate adjustment Extra Items*>100% PTTT: Lower sales volume, coupled with loss on derivatives Non-HC/2 • GSP Lower average selling prices Lower sales volume 27% >100% 77% Improved non-oil performance PTTGM: Higher SG&A relating to pharmaceutical business 1. Business Performance • BAU (mainly from 55,819 PTTEP and PTT) • Single pool (net tax) (11,805) 2. Extra items • Gain on bargain purchase ACE (TOP) 3,381 • Gain on bond buyback (TOP, GC) 1,791 • Gain on Vencorex deconsolidation (GC) 888 • Write-off & impairments (Mexico, UCHA) (1,032) 3. External Factors • FX Gain (portion) 17,218 • Stock Gain net NRV (portion) (1,628) Margin 9M25: 333,579 9M24: 393,639 Stock Gain/(Loss) 9M25: (4,005) 9M24: (14,321) Other Income 9M25: 19,706 9M24: 26,643 Impairment 9M25: 208 9M24: (8,213) FX & Derivatives 9M25: 15,185 9M24: 17,807 Int. & CIT Exp. & Other 9M25: (91,042) 9M24: (116,283) OPEX 9M25: (71,617) 9M24: (76,375) DD&A 9M25: (137,382) 9M24: (142,136) (*PTT’s portion net tax amount) • Non-HC/2 Note : These figures are for MIS only Extra Items • PTTEP • PTT Only • P&R • Others/1 • Oil & Retail • 9M25 64,632 14% 29%PTT Only 9M25 80,761 80,174 Aromatics: Lower PX & BZ spreads and lower sales volume Petrochemical Olefins: Lower HDPE spreads NGV Lower average selling prices Power • • Extra Items • PTT Only • PTTEP • P&R • Oil & Retail • Others/1 • Power Non-Hydrocarbon 25% 20% 17,604 40,760 1,215 3,989 1,967 726 13,913 587 12,935 28,757 (4,060) 7,077 2,452 580 11,938 4,953 Lower Mkt. GRM Lower stock loss net NRV Decrease in sales volume Refinery
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21,533 8,989 (2,738) (4,218) (5,369) 19,784 857 1,100 (393) 23 5,127 8,491 (1,205) 1,984 710 67 3,673 937 3,965 9,517 (3,183) 1,789 1,076 82 4,044 4,243 Higher SG&A expense of Arun Plus Petrochemical Decrease in Market GRM Refinery Stock gain in 3Q25 Lower sales vol. 19 Lower feed cost 3Q25 vs 2Q25 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 Only • PTTEP • P&R • Oil & Retail • Others/1 • 3Q252Q25 • Extra Items • PTT Only • PTTEP Unit: MB 19,784 Operating profit increased despite lower gain on foreign exchange rate and higher loss on derivatives Gas Trading Power11% E&P Lower avg. selling price and higher administrative expenses Oil & Retails 62% P&R Others Higher avg. gross margin per liter of diesel, gasoline, and jet fuel Lower most of Olefin’s and Aromatic’s product spreads GSP Lower share of profit mainly from CFXD and AEPL due to seasonality Power: Extra Items* • TOP’s gain on repurchase of debentures : ~+500 MB • GPSC’s gain on the sale of stake in AEPL : ~+400 MB • GC’s gain on repurchase of debentures : ~+200 MB • PTTGM’s loss on divestment of NMA : ~(100) MB 2Q25: Net gain ~+4,200 MB mainly from (*PTT’s portion net tax amount) 3Q25: Net gain ~+900 MB mainly from S&T Mark-to-market gain on goods in transit • TOP’s share of gain on bargain purchase: ~+3,400 MB • TOP’s gain on redemption of debentures: ~+1,000 MB • GC’s gain on deconsolidation of Vencorex group: ~+900 MB • PTTEP’s Write-off Project Mexico Block 29 : ~(800) MB Lower overall sales vol. and avg. selling price Lower pool gas cost Power • • P&R • Oil & Retail • Others/1 • Power Margin 3Q25: 109,536 2Q25: 108,679 Stock Gain/(Loss) 3Q25: 1,747 2Q25: (7,242) OPEX 3Q25: (25,514) 2Q25: (22,776) DD&A 3Q25: (45,741) 2Q25: (46,841) Impairment 3Q25: (221) 2Q25: (244) FX & Derivatives 3Q25: 3,710 2Q25: 7,928 Int. & CIT Exp. & Other 3Q25: (30,589) 2Q25: (25,220) Other Income 3Q25: 6,856 2Q25: 7,249 11% 34% 9% 78% NGV Higher overall sales vol. 29% TSO Lower reserved vol. due to seasonality 21,533 Higher product spreads 18,847Net Income excl. Extra items 9%17,290 Higher unrealized FX loss from the revaluation of USD loan in Taiwan of GPSC’s associate Non-HC/2 • • Non-HC/2 Non-Hydrocarbon18% Lower avg. selling prices and total sales vol. Lower avg. selling price outpaced lower gas cost Higher loss on FX from PTT TCC
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1,041 1,052 995 968 978 939 920 1,085 1,193 1,248 1,201 1,194 1,129 1,114 1,029 1,066 1,010 999 1,020 963 940 627 592 592 632 625 608 538 436 418 428 440 429 434 440 300 356 410 391 411 414 376 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Gas Key Drivers Lower pool gas price despite soften NG sales volume QoQ YTD Pool gas price decreased from lower gas prices across all supply sources NG sales volume dropped due to lower electricity consumption, following seasonal demand and higher hydropower imports from neighboring countries Feed gas cost declined, driven by lower gas prices and reduced Spot LNG import volume Sales volume declined primarily due to weaker Propane demand from petrochemical customers Pool gas price dropped due to lower Spot LNG imports, despite higher Spot LNG prices NG sales volume declined mainly from power customers due to higher LNG imports by new shippers, lower country’s electricity demand and greater hydropower inflows NG Key Drivers GSP Key Drivers Soften GSP feed cost while lower sales volume Higher GSP feed cost alongside lower sales volume Feed cost increased mainly due to the implementation of Single Pool policy in May 24 Lower sales volume driven mainly by soften domestic LPG fuel demand NG Prices NG Volume Unit: MMSCFD GSP Feed Cost vs PetChem Prices Unit: $/Ton Lower pool gas price despite soften NG sales volume Unit: THB/MMBTU Unit: $/Ton Feed Cost3 LPG2 LLDPE Propane1 HDPE LDPE 891 738 708 2,572 2,245420 487 457 1,304 1,441 286 369 256 823 836 139 135 147 419 429 14 17 13 29 45 3Q24 2Q25 3Q25 9M24 9M25 GSP Sales Volume U-Rate* 20 86.6% 89.6% 89.4% 86.0% 90.7% Unit : kTon • Pentane 1% • LPG 45% • Propane 17% • NGL 8% • Ethane 29% * GSP’s maximum feed capacity was revised from 2,740 MMSCFD to 2,650 MMSCFD 1,750 1,5811,746 624 620 597 695 611 689 277 214 877 261 1,215 1,134 1,143 1,215 1,120 815 899 852 820 885 832 840 849 816 852 110 96 92 116 97 3Q24 2Q25 3Q25 9M24 9M25 4,285 • Industry 22% • NGV 3% • GSP 23% • SPP 29% • IPP 7% • EGAT 16% 3,866 322 301 315 297 313 299 279 465 520 474 463 487 446 419 100 200 300 400 500 600 200 300 400 500 600 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 QoQ 6% 7% YoY 12% 11% YTD 9% 7% FO 2% Pool Gas Price AVG. 9M24 = 312 AVG. 9M24 = 497 HSFO 180 CST 2%S Avg. Pool Gas price* *Pool Manager price = Gulf gas + Myanmar gas + Imported LNG 1 LPG selling price for petro customers is closely aligned with propane prices 2 LPG Domestic 3 Feed gas cost divided by GSP production volume, with the impact of the single pool gas price in effect from 2Q2024 onwards AVG. 9M25 = 289 AVG. 9M25 = 450 3,747 4,539 3,826 QoQ 2% 2% 1% 1% 12% 5,147 4,996 YTD 3% QoQ 9% YoY 10% QoQ 3% YoY 13% YTD 16% 9%
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GAS - EBITDA Overall GAS EBITDA decreased primarily from GSP and PTTLNG YTD EBITDA improved mainly from GSP driven by lower pool gas costs QoQ GSP increased primarily from lower pool gas costs, despite a decline in sales volume S&T improved as lower gas costs outweighed the decrease in sales volume and average selling prices to industrial customers TSO softened due to lower revenue from decreased reserved volumes NGV experienced higher losses, as lower average selling prices outweighed the decline in unit costs. Others declined mainly from PTTNGD, following a decrease in average selling prices in line with reference fuel oil prices, despite lower gas cost 21 5,055 3,713 3,809 10,533 10,667 7,058 7,144 6,999 21,390 21,298 918 (221) 715 5,736 1,262 (492) (306) (333) (1,018) (1,070) 3,054 3,051 2,867 11,367 9,082 3Q24 2Q25 3Q25 9M24 9M25 15,593 14,057 GSP decreased due to lower average selling prices in line with reference petrochemical prices, together with lower sales volume TSO declined following lower revenue from the Tc rate adjustment NGV experience higher losses, as lower average selling prices outweighed the reduction in unit costs S&T improved due to shortfall discount in 9M24, coupled with lower gas cost, despite a decline in sales volume. Others dropped mainly from PTTLNG, following the sale of a 50% stake in LNG Terminal 2 to EGAT in April 2024, along with lower PTTNGD performance from reduced average selling prices in line with reference fuel oil prices S&T NGV Others TSO GSP 13,381 48,008 5% QoQ 10% YoY 14% YTD 41,239
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22 Trading Business EBITDA improved due to higher gross margin, despite lower sales volume QoQ YTD Margin increased mainly due to a recognition of Mark-to-market gains on goods in transit in 3Q25, while there was a loss in 2Q25, coupled with higher product spreads Sales volume decreased following lower international trading volumes of LNG and 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 0.06 0.04 0.17 0.11 0.12 3Q24 2Q25 3Q25 9M24 9M25 >100% QoQ >100% YoY 27,995 25,884 25,421 81,899 75,519 3Q24 2Q25 3Q25 9M24 9M25 2% QoQ 9% YoY EBITDA improved due to higher gross margin, despite lower sales volume Margin increased driven by higher gains on crude oil trading and improved product spreads Sales volume decreased due to lower spot LNG and crude oil imports, while international trading of crude oil continued to expand 636 208 3,202 5,865 6,049 3Q24 2Q25 3Q25 9M24 9M25 >100% QoQ >100% YoY Unit: MB 3% YTD 3 9% YTD 8% YTD
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1,534,657 1,525,215 874,391 863,862 578,605 520,929 451,131 413,718 1,656,877 1,656,876 1,106,196 1,012,658 675,711 654,190 23 Financial Position Unit: MBHealthy financial position and strong credit ratings Unit: TimesKey Financial Ratios 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 Other Non-current Assets Trade Receivables & Other Current Assets Cash & ST Investment • • • • 3,323,724 Trade Payables & Other Liabilities 3,438,784 • Interest Bearing Debt (IBD) • Total Equity• 31 Dec 24 30 Sep 25 (13%) (17%) (25%) (45%) (20%) (32%) (12%) (16%) (26%) (46%) (20%) (30%) (50%)(48%) 3 % Financial Position Decrease in cash and short-term Investment mainly from debt repayment and PTTEP’s investment Decrease in trade receivables and inventory mainly from lower sales volume and average selling price Assets Liabilities & Equity Decrease in liabilities mainly from repayment of long-term borrowings of PTT group Maintain in equity mainly from currency translation, resulting from the appreciation of Thai Baht offset with issuance of subordinated perpetual debentures of GC 0.40 0.36 1.65 1.71 31 Dec 24 30 Sep 25 PTT Consolidated Debt Profile : Cost of debts ~ 3.57% : % fixed-rate ~ 74% : Avg. debt life ~ 9.20 years
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CASH BEGINNING OPERATING INVESTING FINANCING ADJ & OTHERS CASH ENDING 405,139 45,992 56,530 357,188 451,131 +207,665 (101,645) (151,617) 413,718 PTT Consolidated Cash Flows 9M25 Paid for short/long- term loans (94,304) Dividend paid (57,298) CAPEX (PPE, Intangible assets) (108,424) Investments (Sub. & Affiliates) Current investments (13,075) Dividend/Interest Received 14,701 Short / Long-term lending loans 17,652 (1,598)Others Finance cost paid (25,859) Investing (101,645) Financing (151,617) MB MB Unit : MB (12,499) Operating 207,665 Non-Cash Adjustments 204,543 Net Income 64,632 Changes in assets & liabilities 3,556 MB Income Taxes (65,066) 31 Dec 24 Cash Out 47,951 +106,020 Free Cash Flow Cash & Cash • Equivalents ST Investment • 30 Sep 25 Treasury stock paid (7,552) 24 (2,354) Repayment Subordinated Bond 34,994
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Strengthening Financial Position through Value Driven Financial Management 25Remark: *Positive impact to PTT Group’s Net Income in 2025, Information based on 9A3E Funding Optimization OPEX & Interest Savings Share Price & Investor Confidence Investment-Grade Strength Funding to support Asset Monetization Boost profitability, cash flow, and competitiveness + 10,000* MB • throughout the loan life from Refinancing & Negotiation + 2,768 * MB Investor Satisfaction through Liquidity Management 0.9 THB/share (Interim) • Aligned with investor expectations • To leverage Liquidity Strengthening Flagship Credit & Liquidity • Maintain investment-grade rating • Provide additional ETC to support flagship without impacting PTT’s liquidity • Leverage group synergies on A1 projects Group OPEX Saving Target Treasury stock Group Interest savings Dividend Paid Outperformed SET • PTT Bond: young saving feature • GC: repurchase and offering of Perpetual Debentures • PE LNG refinancing package 17,000 MB with cost saving 1,300 MB • Next: PTTLNG and PTT Tank in the pipeline Bond issuance amidst favorable window Bank loan solicitation with attractive terms & conditions ESG Yield Enhancement • ESG investment ⁓ 50,000 MB Completed Treasury stock Consider Jump+ Collaborate with SET Government Roadshow Maintain a healthy cash at Group level ⁓ 413,718 MB (PTT ⁓ 150,932 MB) • total value of ⁓ 7,549 MB
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PTT Group Guidance Econ & Price outlook 2026 Business outlook 2026 Downstream Power Upstream Global 3.1% Thai GDP 2025: +3.2% 2025: +2.0% (IMF) Gas JKM 17% Henry Hub 15% 2025: 3.3-3.7 ($/MMBTU) 2025: 12.0-13.0 PetChem Oil 6% Dubai 9% HSFO 7% SG GRM HDPE 8% PP 2% PX 7% BZ 2025: 65-75 ($/BBL) 2025: 62-72 2025: 4.0-5.0 2025: 880-980 2025: 880-980 2025: 705-8052025: 780-880 ($/Ton) 3% 1.7% GAS New gas price structurePositive Maintain Gas sales vol. E&P Vol. increase Maintain competitive Unit Cost Lower avg. selling price following crude oil price Downward Gas price, despite the lower FT Refinery from lower oil price Higher stock loss GRM remain challenge Price & Product spreads remain challenge following additional supply amid demand slowdown U-Rate of Olefins & Aromatics slightly increase Petchem Oil Improve sales of Jet fuel & lifestyle business Challenges ahead, PTT pursues stability through strategic initiatives Improved share of profit from Investment Lower gas cost 26 Challenge PTT Group GRM following supply growth
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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 QUESTIONNAIRE
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AI investment boom Costly trade rerouting World 2026 E CONOMIC O UTLOOKS Global Economy in Flux, Prospects Remain Dim 3.2 3.1 2.0 2.1 1.2 1.1 4.8 4.2 1.1 0.6 6.6 6.2 2.0 1.6 2025 2026 IMF Forecast – GDP Growth (%) Thailand Stagnant Growth amid Higher US Tariffs and Weak Tourism World US Euro area China Japan India Thailand Tailwinds Headwinds Recent US-China de-escalation Tailwinds Headwinds Trade policy uncertainty (legality of IEEPA tariffs) Exports slowdown amid US reciprocal tariffs and high base Populist short-term stimulus? 28 Frequent government turnovers amid fragmented coalitions * Government agencies NESDC = The Office of the National Economic and Social Development Council/ FPO = The Fiscal Policy Office/ BOT = Bank of Thailand Sources: IMF WEO (Oct 14, 2025), Blog by Pierre-Olivier Gourinchas, Economics and Industry Research and Intelligence Department Lower energy prices Clearer & more stable bilateral trade agreements Waning of the front-loading Higher US tariff rate since 2H2025 Monetary easing cycle Easing monetary policy & fiscal boost from OBBBA in US Sluggish tourism recovery Spending boost from upcoming election campaign Subdued inflation Tightened fiscal space 2.0 2.4 2 1.8 2.1 2.2 1.62.0 1.3 1.5 1.6 1.5 NESDC * (Nov 17) FPO * (Oct 30) Oxford (Oct 29) SCB (Oct 17) BAY (Oct 16) BOT * (Oct 8) KKP (Jun 26) 1.7 (1.2-2.2) Thailand GDP Growth Forecast (%) NA 2025 2026 Likely political vacuum after snap election by Apr 2026
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2026 Product Prices Outlook: 29 Source: PTT, PRISM Petroleum Rolling as of 28 Oct 2025, PRISM Petrochemical Rolling as of 30 Oct 2025, TBU Analyst as of Oct’25 Petrochemical Lower feedstock costs to support margins amid downward price movement Projected supply increases in 2026 from new capacity startups in China and India to pressure global operating rates lower Price 2Q25 3Q25 9M24 9M25 2025(E) 2026(E) Dubai 66.9 70.1 81.6 71.3 65 - 75 60 - 70 Gasoline 78.4 80.4 95.7 81.2 76 - 86 70 - 80 Gasoil 10 ppm 82.7 88.8 98.8 87.6 83 - 93 77 - 87 HSFO (3.5%S) 68.6 64.6 74.9 69.4 62 - 72 56 - 66 VLSFO (0.5%S) 77.9 76.8 94.0 79.8 73 - 83 68 - 78 Singapore GRM 5.6 4.0 4.8 4.3 4.0 – 5.0 4.3-5.3 Asian Spot LNG 12.3 11.7 11.2 12.7 12 - 13 9 - 11 Henry Hub (HH) 3.5 3.1 2.2 3.5 3.3 – 3.7 3.7 – 4.2 HDPE 939 920 1,029 945 880 - 980 850 - 950 PP Film 959 911 1,027 957 880 - 980 810 - 910 BZ 727 725 1,011 774 705 - 805 650 - 750 PX 808 839 1,003 836 780 - 880 760 - 860 Petrochemical 600 800 1,000 1,200 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 $/Ton HDPE CFR SEA PP Film CFR SEA PX CFR Taiwan Benzene FOB Korea Demand remained bearish in Asia due to U.S. tariff concerns and uncertainty over the macroeconomic outlook Anticipated higher Aromatics consumption driven by new derivative capacity startups Upside potential from producers controlling supply via production cuts or commercial shutdowns MARKET FACTORS Petroleum Petroleum BearishBullish Tighter U.S. and EU sanctions on Russia and Iran related entities are tightening global oil supply Surplus supply from Non-OPEC production, led by Guyana & Brazil Board-based U.S. tariffs threats weigh on global growth OPEC+ likely to continue unwinding the 1.65 MBD tranche through Sep’26, after the 2.2 MBD cuts in 2025Prolonged geopolitical tensions — particularly in the Middle East and the Russia–Ukraine war 0 10 20 30 40 0 30 60 90 120 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 GRM$/BBL Mogas Gasoil HSFO Dubai Singapore GRM Gas/LNG 0 5 10 15 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Asian Spot LNG Henry Hub $/MMBTU Gas/LNG Higher Egypt’s LNG exports and cargo deferrals Europe to ban Russian LNG from 2027 Lower LNG imports by China Colder-than-normal winter in Europe due to weak La Nina Higher LNG supply from North America and Qatar Turkey pursuing gas supply diversification
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76.9 66.3 67.0 79.1 68.8 47.1 44.0 43.2 47.1 44.3 3Q24 2Q25 3Q25 9M24 9M25 30 343 357 378 354 363 132 148 132 131 137 3Q24 2Q25 3Q25 9M24 9M25 E&P Performance NI decreased due to lower sales revenue along with higher operating expenses and DD&A NI decreased due to lower sales revenue together with higher G&A and Exploration expenses QoQ Normal operation: decreased in sales revenue mainly from lower average selling prices and higher G&A expense mainly from consulting fees, additional expenses from new projects as well as higher exploration expenses Non-operating items: gain on recognition mainly from write-off assets of Mexico Block 29 project in 2Q25 while no such transaction in 3Q25 Normal operation: decreased in sales revenue mainly from lower average selling prices as well as higher operating expenses from maintenance activities of domestic projects and higher DD&A mainly from G1/61 and G2/61 Non-operating items: gain on oil price hedging from downward oil price trend in 9M25 while accumulating a loss in 9M24 Key Drivers Sales Volume Unit: KBOED Unit: MUSD Product Prices * Includes Gain/(Loss) on FX, Deferred tax from Functional currency, Current Tax from FX Revaluation, Gain/(Loss) from Financial Instruments, Impairment loss on assets etc. Non-recurring* Recurring NI Liquid ($/BBL) Gas ($/MMBTU) Weighted Avg. ($/BOE) Liquid Gas 475 505 Net Income YTD NOTE: Net income 100% of PTTEP 485 7% YOY 1% QoQ 4% QoQ 23% YoY 511 1,688 408 24% YTD 13% YoY 1% QoQ 8% YoY 2% YoY QoQ 2% QoQ 6% YTD 2% YTD 13% YTD 3% YTD 1,288 393 510 500 (9) (14) 17 (43) 1 520 422 376 1,731 1,287 3Q24 2Q25 3Q25 9M24 9M25 5.9 5.8 5.8 5.9 5.8
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31 Net Income Oil Business: OR Group QoQ Oil : Higher oil margin per liter mainly from gasoline, diesel and jet fuel Non-Oil : Lower performance of convenience stores mainly due to seasonal factors Oil Business Sales Volume Non-Oil Business Avg. Dubai Margin* Unit: THB/Liter *Gross margin included stock gain/(loss) LPG Jet fuel Diesel Fuel Oil Gasoline Others 1/ Thailand, Japan, Oman, Myanmar, Malaysia, and Bahrain 2/ Thailand Amazon (MM Cups)1/ C-Store (Outlets) 2/ Amazon (Outlets)1/ 2% QoQ 11% YoY Unit: MB Unit: MM LiterUnit: $/BBL NOTE: Net income 100% of OR YTD Oil : Higher margin per liter mostly from gasoline and diesel along with higher jet fuel and asphalt sales volume Non-Oil : Higher performance mainly from higher sales volume and the discontinuation of underperforming businesses Improved performance from higher margin of Oil business as well as Non-Oil business Improved performance from higher margin of Oil business despite lower performance from Non-Oil business 20% QoQ 100% YoY AVG. 9M24 = 81.6 AVG. 9M25 = 71.3 3Q24 2Q25 3Q25 9M24 9M25 5% QoQ 10% YoY 13% YTD 16% YTD 2% YTD 2,263 2,339 2,347 2,263 2,347 3Q24 2Q25 3Q25 9M24 9M25 4,339 4,547 4,613 4,339 4,613 98 107 109 299 320 1% QoQ 6% YoY QoQ 4% YoY 7% YTD 6% YTD 4% YTD 3Q24 2Q25 3Q25 9M24 9M25 98% YTD 17% QoQ >100% YoY 7% QoQ 8% YoY 3Q24 2Q25 3Q25 9M24 9M25 81.3 85.3 78.3 73.6 76.9 66.9 70.1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 0.51 0.85 1.02 0.83 0.96 19,340 19,022 14% 12% 14% 14% 13%15% 17% 18% 16% 18% 43% 42% 40% 43% 41% 6% 6% 6% 6% 6% 19% 21% 21% 20% 20% 3% 2% 1% 1% 2% 6,474 6,381 5,933 (1,609) 2,232 2,615 4,651 9,226
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Acc. GRM $/BBL Mkt GRM Stock G/L excl. NRV Hedging G/L Net Income P&R Business The overall performance of Petrochemical and Refining business decreased Refinery 2.9 4.6 4.1 4.6 3.9 (4.1) (3.3) 0.9 (1.0) (0.7) 0.2 - 0.4 0.3 0.3 (1.0) 1.3 5.4 3.9 3.5 Refinery U-Rate Avg. Dubai $/BBL 104% 105% 92% 102% 100% 78.3 66.9 70.1 81.6 71.3 Olefins Aromatics 995 939 920 1,029 946 1,010 963 940 1,035 974 1,018 960 923 1,039 969 672 576 588 682 608 79% 80% 86% 82% 82% 942 808 839 1,003 836 987 727 725 1,012 776 651 566 589 675 599 90% 77% 81% 87% 81% BTX U-Rate (GC’s plant) Avg. Price: $/Ton QoQ Petrochemical’s performance decreased due to Olefins business following lower PE spread Refining’s performance increased mainly from stock gain despite lower Market GRM primarily from a decrease in product spreads of Gasoline and Fuel Oil Gain on non-recurring items decreased mainly from gain on bargain purchase of TOP’s associate in 2Q25 PP LLDPE HDPE Naphtha PX Condensate BZ NOTE: Net income 100% of TOP, IRPC, GC, and PTT TANK PTT TANK GC TOP IRPC Performance improved from gain on non-recurring items YTD Petrochemical’s performance decreased mainly from Aromatics and Olefins business due to the decrease in product spreads Refining’s performance decreased mainly from lower Market GRM following lower product spreads of most refined products Gain on non-recurring items increased mainly from gain on bargain purchase of TOP’s associate in 9M25 Unit: MB PTT TANK GC TOP IRPC 1,418 Avg. Price: $/Ton Olefins U-Rate (GC’s Plant) (28,283) 3Q24 2Q25 3Q25 9M24 9M25 3Q24 2Q25 3Q25 9M24 9M25 PP: 4% 9% LLDPE: 2% 7% HDPE: 2% 8% Naphtha: 2% 13% QoQ YoY HDPE: 8% PP: 7% LLDPE: 6% Naphtha: 11% YTD 3Q24 2Q25 3Q25 9M24 9M25 PX: 4% 11% Condensate: 4% 10% BZ: 27% QoQ YoY PX: 17% Condensate: 11% BZ: 23% YTD 3Q24 2Q25 3Q25 9M24 9M25 (446) (14,511) 798 <(100%) QoQ 98% YoY >100% YTD 32 (4,218) 6,475 2,147 7,192 12,126 (4,880) (2,132) 340 (4,068) (2,998) (19,312) (3,616) (2,916) (18,072) (9,099) 127 691 (37) 437 769
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4,143 3,699 5,120 3,227 5,256 3,646 14,371 10,364 15,002 10,216 3Q24 2Q25 3Q25 9M24 9M25 1,016 1,049 1,239 3,526 3,447 3,965 3,844 4,216 11,842 11,911 247 230 263 775 731 3Q24 2Q25 3Q25 9M24 9M25 3Q24 2Q25 3Q25 9M24 9M25 Power-GPSC QoQ Lower share of profit mainly from CFXD and AEPL following a decrease in performance results, which impacted by seasonality Higher SPP’s margin due to increase in contribution margin from higher electricity and steam sales vol. as industrial customers resumed their operations after planned shutdown YTD Performance improved due to gain on recognition from the sale of stake in AEPL, as well as lower finance cost in spite of lower gross profit Higher other income following the gain recognition from the sale of a 3.03% stake in AEPL Lower finance cost due to partial loan repayments and loan prepayments Lower IPP’s margin due to reduced AP of Sriracha Power Plant which completed the power purchase agreement with EGAT since May 2025 Performance soften from lower share of profit despite increase in gross profit Key Drivers Unit: MB Unit: Power: GWh / Steam: Ton 25% 23% 27% IPP SPP VSPP* Gross profit margin Gross profit 16,142 5,228 5,123 Unit: MB *VSPP and others 13% QoQ Power Steam 1% YoY 3% 27% Sales Volume NOTE: Net income 100% of GPSC Net Income 1% YTD Power Steam 4% 5,717 16,089 YTD 23% 25% 60% YTD 12% QoQ 9% YoY 33 770 2,019 1,742 3,063 4,901 3Q24 2Q25 3Q25 9M24 9M25 14% QoQ >100% YoY
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PTT Only Cash Flows 9M25 Received from loans/bonds (46) Finance cost paid (5,492) CAPEX (PPE, Intangible assets) (12,474) Investments (Sub. & Affiliates) (8,191) Current investments (5,768) Dividend/Interest Received 41,024 Short / Long-term lending loans 18,935 Operating 46,110 Investing 33,606 Financing (43,250) Non-Cash Adjustments (21,264) Net Income 52,470 Changes in assets & liabilities 19,406 Income Taxes (4,502) MB MB MB Unit : MB Free Cash Flow Cash & Cash • Equivalents +79,716 ST Investment • Others 80 Treasury stock (7,552) CASH BEGINNING OPERATING INVESTING FINANCING ADJ & OTHERS CASH ENDING 78,862 23,734 102,596 +46,110 +33,606 (43,250) 150,932 31 Dec 24 +740 116,068 34,864 Cash In 37,206 30 Sep 25 Dividend paid (37,129) Others 6,969 34
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35 PTT Group Performance : 3Q25 (QoQ & YoY) 1/After intercompany elimination and adjustments 2/Including PTTT USA, PTTT LDN, PTTGE, BSA, PTT TCC, PTT DIGITAL, ENCO and VSS % PTT holding 3Q24 2Q25 3Q25 QoQ YoY 3Q24 2Q25 3Q25 QoQ YoY PTT Net Operating Income1/ 11,276 3,965 5,127 29% (55%) 11,276 3,965 5,127 29% (55%) E&P - PTTEP 17,865 13,515 12,695 (6%) (29%) 65.29% 11,285 8,684 8,491 (2%) (25%) Petrochemical (19,185) (2,925) (2,953) (1%) 85% (9,121) (1,075) (1,506) (40%) 83% - GC (19,312) (3,616) (2,916) 19% 85% 48.18% (9,248) (1,765) (1,469) 17% 84% - PTTTANK 127 691 (37) <(100%) <(100%) 127 690 (37) <(100%) <(100%) Refining (9,098) 4,343 2,487 (43%) >100% (1,160) 3,120 1,128 (64%) >100% - TOP (4,218) 6,475 2,147 (67%) >100% 48.00% 1,200 4,120 991 (76%) (17%) - IRPC (4,880) (2,132) 340 >100% >100% 48.05% (2,360) (1,000) 137 >100% >100% Oil - OR (1,609) 2,232 2,615 17% >100% 75.00% (1,154) 1,672 1,984 19% >100% Power - GPSC/DCAP/PTTES/VISUP 825 1,885 1,799 (5%) >100% 661 1,074 985 (8%) 49% Non-Hydrocarbon - PTTGM 325 534 162 (70%) (50%) (17) 305 (247) <(100%) <(100%) Others Business 5,163 4,809 4,377 (9%) (15%) 4,554 3,788 3,822 1% (16%) Inter - PTTER 1 1 1 - - 100.00% 2 1 1 - (50%) Gas - PTTLNG/PTTNGD/MAP/TTM(T)/TTM(M) 3,460 3,314 3,514 6% 2% 2,795 2,747 2,813 2% 1% Other - PTTT/Others2/ 1,702 1,494 862 (42%) (49%) 1,757 1,040 1,008 (3%) (43%) Shared of Net Income from Affiliates (5,714) 24,393 21,182 (13%) >100% 5,048 17,568 14,657 (17%) >100% PTT Consolidated Net Income 5,562 28,358 26,309 (7%) >100% 16,324 21,533 19,784 (8%) 21% Unit : MB Performance 100% Equity Method % PTT
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36 PTT Group Performance : 9M25 vs 9M24 (YTD) 1/After intercompany elimination and adjustments 2/Including PTTT USA, PTTT LDN, PTTGE, BSA, PTT TCC, PTT DIGITAL, ENCO and VSS % PTT holding 9M24 9M25 YTD 9M24 9M25 YTD PTT Net Operating Income1/ 17,604 12,935 (27%) 17,604 12,935 (27%) E&P - PTTEP 60,525 42,771 (29%) 65.29% 39,424 27,924 (29%) Petrochemical (17,635) (8,330) 53% (8,255) (3,617) 56% - GC (18,072) (9,099) 50% 48.18% (8,692) (4,385) 50% - PTTTANK 437 769 76% 437 768 76% Refining 3,124 9,128 >100% 2,968 5,522 86% - TOP 7,192 12,126 69% 48.00% 4,947 6,959 41% - IRPC (4,068) (2,998) 26% 48.05% (1,979) (1,437) 27% Oil - OR 4,651 9,226 98% 75.00% 3,576 6,960 95% Power - GPSC/DCAP/PTTES/VISUP 3,166 4,900 55% 1,967 2,716 38% Non-Hydrocarbon - PTTGM 7,239 1,750 (76%) 6,077 807 (87%) Others Business 19,454 13,614 (30%) 17,400 11,385 (35%) Inter - PTTER 38 2 (95%) 100.00% 38 2 (95%) Gas - PTTLNG/PTTNGD/MAP/TTM(T)/TTM(M) 14,650 10,121 (31%) 12,913 8,342 (35%) Other - PTTT/Others2/ 4,766 3,491 (27%) 4,449 3,041 (32%) Shared of Net Income from Affiliates 80,524 73,059 (9%) 63,157 51,697 (18%) PTT Consolidated Net Income 98,128 85,994 (12%) 80,761 64,632 (20%) Unit : MB Performance 100% Equity Method % PTT
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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 op erating policies 2/Holding portion of PTT Group (direct & indirect) Data as of 30 Sep 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 1.03% HG Robotics Co., Ltd. HG ROBOTICS 0.64% Luminar Technologies, Inc. Luminar 0.03% 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% 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% 37
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21,000 27,000 10,500 20,000 2,000 8,000 19,500 9,000 15,466 7,000 4,000 6,393 10,388 22,723 - 50,000 100,000 150,000 200,000 - 5,000 10,000 15,000 20,000 25,000 30,000 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2042 2045 2070 2110 USD (LHS) THB (LHS) PTT Debt Outstanding (RHS) 172,703 133,890 133,903 598,899 567,889 480,878 59,376 58,389 55,796 361,803 324,111 274,887 232,079 192,279 189,699 960,702 892,000 755,765 31 Dec 23 31 Dec 24 30 Sep 25 31 Dec 23 31 Dec 24 30 Sep 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 ~ 3.42% : % fixed-rate ~ 71% : Avg. debt life ~ 13.04 years : Cost of debts ~ 3.57% : % fixed-rate ~ 74% : Avg. debt life ~ 9.20 years (29%) (71%) (30%) (70%) (36%) (64%) (36%) (64%) (26%) (74%) (38%) (62%) Note : 1. PTT Data as of 30 Sep 25 (THB/USD = 32.4616 THB/JPY = 0.22014) 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 30 Sep 25). FX: 32.4616 As of 30 Sep 25 *PTTC10DA (Century Bonds) is due on 2 Dec 2110 Note: 1. Debt Outstanding for Repayment Profile represents financial data and portion after derivative swaps. 2. Bond repayment amounting 17,083 MMTHB in 2035 is USD swaps to THB. PTT Only : Debt Outstanding and Repayment Profile 38 Unit : MB Unit: MBUnit: MB 18,004 10,388 7,616
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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 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 39
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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 6.7 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 Gas Separation Plant’s maximum processing capacity: 40