Good morning, analysts, fund managers, and PTT staff. My name is Plearn Tarinee from Investor Relations of PTT Group. Welcome to PTT Analyst Meeting for The Second Quarter and First Half of 2026 to express gratitude and condolences to Queen Mother Sirikit and Princess Bajrakitiyabha. We would like to invite you to stand up and observe one minute silence. Thank you. We will present Q2 first half results by CEO and CFO, followed by Q&As. May I now introduce top executives joining us today, starting with CEO President, Khun Kongkrapan Intarajang. CFO Pattaralada Sa-Ngasang. Joining us during Q&A are Khun Bandhit Thamprajamchit, COO, Upstream Petroleum and Gas Business Group. Khun Prasong Intaranongpai, COO, Downstream Petroleum Business Group. Dr. Buranin Rattanasombat, Chief New Business and Sustainability Officer. May I give the floor to the CEO. Good morning, everyone. Q2 and first half performance, I will share highlights starting with global energy market disruption and PTT in action. We will tell you what we have done during the crisis, which we continue these actions and performance highlights and strategy. Strategy, I may not say all details, but I will share what is going to be sped up in light of recent review and cautions going ahead. Let us start with global energy market. We have listened many, many times before and some disruptions still persist, and our take is that there is no guarantee it is going anywhere soon. We have to monitor closely, daily and weekly. The fragmentation of trading remains the same, and possibility of oversupply is still there as everyone seeks their own protection. There might be some enabling factors such as AI investment, but we have to see which segment and governments around the world implement policy support measures. But how sustainable these are, we have to watch. For sure, crude prices remain strong in light of uncertainties, volatility, and importantly, supply from Yanbu, Fujairah have constraints, limitations. We have imported from outside Persian Gulf, but as we see from numbers, there remain limitations. Therefore, challenges remain. Cracked some refined products, gasoline, diesel, jet fuels, due to capacity being wiped out. Diesel more than one million KBDs. So 800 actually, KBDs refineries, quite substantial in Saudi Arabia. So these patterns continue. Be it the source, diesel, gasoline, crack spreads, margins are high. Diesel, jet, gasoline, as we know, EVs have eased its effect. Gas price remain high relative to crude is better. U.S. has pumped a lot of inputs. U.S. and others can still boost production. Now what PTT Group has done, our role. We are state enterprise listed in the market, so we have to strike the balance. We have to be good. We have to distinguish ourselves, not profits oriented alone. We have to make sure there is no shortage. But at the same time, we have to perform well in light of our shareholders' interests. To the left, during March, April, when we worked on supply in light of our investment over the past five years in the tune of more than THB 100 billion. Why? To achieve flexibility of refineries and expand global trading networks. As a result, it is a major consideration for our future investment. Investment for energy security takes into account risk profiles. Returns may not be high, but if it guarantees security, so we blend with high return investment. That forms our approach. Second, crude supply. We have been working all along, so we have the flexibility to go outside the Gulf, but over the long term, we have to diversify sources, U.S., West Africa, Strait of Hormuz. We buy outside strait 30% compared with 60%-70%. To the left is still effective, but to the right, we try to incorporate in the future the factors for consideration. During fear of shortage, we maximize diesel refineries. Our refineries have been excellent serving petchems. We can run, but we are restricted by export quota. Certain things we cannot export. On average, the group unit is at 90%, so that is partial opportunity loss. Continuity of petchems. Thailand is among few in Asia where we can maintain capacity. China has shaved off a lot, resulting in supply shortages and improved margins for certain products. We have to strengthen integration. We have gone full-blown refineries, petchems integrated so we can proceed. Gas, we speed up domestic gas supply, seeking new sources in Thailand, Malaysia, and beyond. Even in Myanmar, we see progress apart from new alternatives, LNG cargos. We have to continue. Crisis and future do not sound so different as we focus on our core business just the same. Liquidity is very important, as CFO will share with you. Higher cost, more than THB 400 million so-called margins. A little bit less, so down to THB 40 something billion. In any case, we are affected by oil fuel fund outstanding up to THB 43. However, we have liquidity preparedness in light of fluctuations of circumstances. We have been transparent from the start. We posted our digital supply chain, production, storage, export. We make that clearer, expanding. Let us take a look at performance highlights. CFO will explain more details, but the pie chart in the middle. First half income, THB 78 billion. Contributions have become balanced. When we talk to investors, our story is our risk profile balance from upstream to downstream. PTTEP has delayed from Q1, but now, given its gas dominance and time lag, Q2, you see improvements. Gas, petchems margins are sound. China's capacity due to feedstock shortage. Supply is eased. Looking at polymer aromatics, but things still look good in Q2. Refineries margins are sound. However, within THB 78 billion, we have enhancement, profit enhancement initiatives group-wide, and we continue efforts. We achieve about THB 8 billion in two quarters. Credit ratings we prioritize. Last year, we helped subsidiaries. This year, we remain solid in our credit rating. Intercompany loans. We continue dividend. It is not in the board yet. Maybe early September, we can announce. Again, we support the government by about THB 10 billion. Our role as a listed market, we have to compare with peers. Global energy companies, their performances improve from 20% to 100%, depending on their portfolios. Maybe more waiting for upstream or downstream. Things vary, but overall, we perform well. Despite mission to support the country, we improve by 75% by sector to the right. Thai Oil versus peers, PTT Oil and Retail Business versus peers. There is issue with margin stock loss. Petchems, healthy margins. I already explained, but this graph just to share references. First half this year, last year, net incomes improved by 75%, and there are certain extra items, but not a lot. The key elements, EBITDA from petchem and refineries, healthy spreads. E&P, good. Sales volumes are good. Margins improved despite hedging losses. Gas improved also. Lower cost. Selling prices better. Tradings performed well. Q1 low, but Q2 up. Global trading during volatile times generate profit. Retails, some issues, certain impairments. Refineries, petchem. Higher net incomes mean higher tax payments, and CFO will share details. Our strategy. May I recap? Positive outcomes today are a result of efforts at reshaping. It is not overnight success. From 2024, we refocus strategy, focusing on core business. At the same time, the carbonization efforts continue to. Well, back then, there is no energy crisis, but the focus on core business makes us ready to take actions instantly, and we allocate some capitals for decarbonization. That is the story. Non-hydrocarbon, we have done smartly. We exit and keep some good ones. By 2025, we set targets. 2025 story is about finding new growth engines, LNG partnership, decarbonization, and this year, execution. A crisis has motivated us to execute promptly. This year, revisiting strategy last month, we have to look at mega trends with game changers now in the picture. There continue to be add-ons. Hamas, Russia, Ukraine. Energy trilemma still stands. Balancing security, affordability, sustainability. Security now stands out, but we cannot neglect affordability and sustainability while seeking opportunity, not reactive. The balancing element, EBITDA net profit must grow. At the same time, we must decarbonize. More difficult, but we continue just the same, focusing on competitiveness enhancement and growth, both hydrocarbon and power and non-hydrocarbon business. The green, yellow parts. These are. Well, LNGs are opportunities we must speed up because we are ready to capture opportunities, AI and tech. Connected to government, we have to proactively work with the government. Yellows mean fine-tuning. We have to adjust targets. For example, CCS, we must look beyond Thailand. Some projects we may slow. Others, we speed up. CCS is government's priority. We adjust our plan accordingly. Asset monetization, we continue, but external factors may slow down or speed up our partners. We work on that. Upstream things stay the same. Thailand neighboring countries, piped gas is most important, cheaper than LNG. PTTEP must go beyond Thailand, cut costs, unit costs, while the green parts, partnership with government and LNG, we maintain our target, 10-15 million tons per annum. But we speed up in light of opportunities. We have already mapped supply sources where we are after we mapped worldwide where it is good, we may not have opportunity. It could be buying, it could be co-investment. We already have roadmap in our pocket. Demand side, China, Japan, Korea, we identify opportunities and our value proposition. We do not produce LNG, but our strength is we have infrastructure. We have the size and scale amongst world's top 10. We have physical assets. We have business acumen, how to maximize our position we are developing. Things are progressing as planned. Existing businesses, PETCHEM's strengthening competitiveness remain the same. We have to calibrate partnerships, for example, Genesis. There are two factors, Strait of Hormuz and government intervention, which slow things down. Infrastructure we refine in light of opportunities in ASEAN. Can we play the role in neighboring countries where they are not in the position to invest? For us to supply an OR, we are fully aware of solid and sharp business plan because from IPO, OR needs growth. Stories. The mandate of being Thailand's mobility partner stays. This slide, details about Genesis. We continue to talk to partners. Different speeds, because Strait of Hormuz is a decisive factor. People no longer put all eggs in one basket. Diversifying capacity is important. That new factor apply. Slowing has to do with some refinery margins reduction, challenging for their financial models. GC, SCG, see good progresses. My team will share details, but as shareholder, we continue our support. Having national champion is good. Well, it is due diligence period, but we support. For other things to increase the competitiveness in the EV value chain, we check and try to be more flexible. For example, if there is some difficulties, we would do the exit strategy. For the potential growth like EV, e-mobility, we would expand it. For life science, growth should be through self-funding because we are the oil company, we cannot make decision for them. For the process, it should be well-governed. We would try to help them by deconsolidate some portion so they can raise fund in the U.S. and they can grow by themself. We would act as a good investor. They would do the restructuring. For the new ventures, we align more in our group and we spend money less than 50%. This is what the investors told us from day one, that we don't need redundancy. We have to focus on the streamline. For some business, we have to exit. For decarbonization, we see a good progress like RTIP. We talk to the government with the same old target. For the investment overseas, we have to fine tune ourself because there is a lot of changes and adjustment in CCS in Europe. For this one, iSpark, this is a sandbox. Well, actually, we already do this, but we just package and bundle all these so that we can see the whole picture. All the businesses should be linked with sustainability and decarbonization. We look into the infrastructure to serve low carbon business. We do that at Map Ta Phut. We use our E and prepare to build the infrastructure for carbon capture in order to reduce the carbon footprint. This is possible, and we just do it in the site that we can control. We focus on two keywords, feasibility and flexibility. CCS and decarbonization should also serve our existing business. For flexibility, we plan by scenario-based and signpost-driven. For the enablers for transformation, we still maintain our triple transformation. Mission X, operational excellence, and the most important component is the mindset. We have to change the way we work, and we are doing quite well on this. The second transformation is AI transformation, AXIS. We have target our personnel with exact figures. For HR, how can we increase the level of our agility and to cut cost? For the retiree, they might have the smaller package. Our CFO is both reactive and proactive at the same time with our credit rating maintenance, deliver strong ROIC, and deliver shareholder expectations. DRC in the middle here is quite important. We cannot make it happen if we don't focus on this. We are careful before we make a decision to invest because there are challenges and the level of risk is higher. We take in mind PTT and also the nation. This is our target, which we will update it every quarter. Short term, medium term, and long term. For the short term, we would see the figures during the past three years. P1, only half year, we got $12 billion, because P1 is crude sourcing. To optimize our profit in order to export products, we join hands with subsidiaries in the group. We can encounter flexibility more, and we can optimize among ourselves. D1 is domestic transaction. We synergize among our groups. We are doing close to our target, THB 800 million already. Mission X is the cumulative number, and half year, we got $24 billion already. Our target is $30. AXIS is AI knowledge infrastructure, so we don't see much money here, but we are still maintaining it. For our long term target LNG growth, half year, we got 1.75 million tons. All the others are in line with our target. For asset monetization, A1 cumulative half year is $18 billion. This is all the big projects in PTT. F1 is finance. We have about THB 500 million already. Before I end and give the floor to the CFO, may I share with you our celebration of our 48th anniversary. This is quite meaningful for us and our stakeholders, the community, the shareholders. We would like to make it noticeable for them. We would like to showcase our activities and achievement in gas, national energy security, mobility partner, corporate social responsibility, and also to promote the Thai economic growth. For the future, our growth is quite a big market cap in the Stock Exchange of Thailand. We would like to add the value to our business and our partners. What we did in the past is recognizable. At the same time, we have to focus on our future as well. We would like to make sure that first, we can be sustainability transformation leader, but we have to balance between sustainability and profitability. During our transformation, we pay focus on our trilemma, sustainability, profitability, and affordability. For the growth, we have to be the national champion. Our revenue is over 50% is from overseas. We have to go beyond Thailand. For example, trading of PTTEP or PTTGC, we are exporting our products to more than 100 countries. Also, we want to be purpose-driven CSR company. We want to strengthen the community surrounding us. We don't want to give only money, but to help them to create their own brands using technology. Last but not least, we are focusing on technology integration in business as well, like CCS or even SMR in the future. We have to be the leader in these technology as well. For the whole year, we would have the four movies to strengthen our 48th anniversary. Thank you very much. For our 48th year anniversary of PTT, this is one of the year to prove that BCM and a strong foundation are important to strengthen the performance of PTT to end at THB 78 billion, which is the highest for half a year. The highest was in 2017. For this year, THB 78 billion is only for half year. We might not be able to double the number for the latter half of the year, but we are doing our best to make sure that we are in our top form. Looking at our consolidated performance. Looking at the top line, we have reached THB 1.5 trillion already, mainly from the crude oil price and the energy price of the world. Also, we see better spread in petchem and oil products. Looking below, we would see the upstream P&R in pink, oil and retail in orange. It is scattering and trading is getting most space because they are doing both importing and exporting. For EBITDA and the margin for the first half of 2026, that is at THB 200 billion something. Compared to quarter-on-quarter, it increased from THB 115 billion to THB 165 billion. In Q1, Dubai price rose sharply at the beginning of the year. So we have the stock gain despite the hedging loss. But in Q2, it dropped down. We still have the stock loss. So if you look into June 30th, Dubai price is down to $68 from $121. So the figures told us about the normal situation, but still the spread is quite strong. So in Q2, the EBITDA is firm enough. So we include the stock gain loss and hedging gain loss. Have you read the headlines of the Dubai price today? Last week it was $88, and today it is going up again to late $90s. So we would see the incidents in the Middle East nowadays, but in the end, we have the net income of THB 78.26 billion. In Q1 it is THB 52 billion. So that is because of the strong spread with not much hedging loss. For the breakdown of EBITDA and net profit, this is quite a beautiful picture for us in that when we break it down, it is well-spread and they can offset each other. Like last year, P&R is not so good, so we have EP and upstream to help offset. For this year, the breakdown looks very good and I would like to see this breakdown every year. While last year, for the first half, we ended at THB 40 billion, the gray one. For the blue one, we exclude the impairment, and this year it is THB 78 billion. Down here, P&R, even though it is greater by 10x, but if we add it up and divide it by two, I said this because we cannot look at one year figures. In some years, we do not have cash at all, and it is negative value. But for this one, we do not expect it to happen like this for the next five years. Anyway, if you look at the spot figures here, it is doing much better because of better spread. EP is better with oil and gas. PTT only is also getting better because of gas and GSP. For others, mostly it is PTT LNG and PTT Trading. For extra item, the details is here. For the first half of 2026, it is negative value because some of the businesses like Petchem, GC Polyols, and Thai Oil, they have partial impairment, some of their assets according to their restructuring plan. But for last year, it is positive value because we recognized some bargain gain, and that happened in Singapore. We divested to Indonesian investors, so we have the accounting positive figures. When we exclude all the extra items, we see that it rise from THB 44 billion to THB 82 billion. Right here it is a breakdown of BAU, that is THB 64 billion. This THB 64 billion includes the subsidies from the government as well, like diesel price cuts or fixed GRM. That is about THB 8.5 billion. This is the BAU portion. What we did more is in our operation Mission X, P1, D1, and F1, that is THB 7.7 billion cost cut, gain on bond buyback. All of these is 8.7. Others are other accounting items and stock gain and FX loss. For the second quarter, we would like to break it down. We see that a lot of recognition is from the margin and less hedging loss. Hedging loss in Q2, we have experience managing the stock gain loss since 2021. When crude oil price rose up, we just cut loss from Q1. Then in Q2, we see the positive figures already. Experience help us to forecast the trend. So we do the risk hedging and know when to exit. OpEx is increased by a little bit because of the transportation cost in trading because the product price is going up. DD&A is demolition in our upstream projects. Other incomes is down as we recognize less extra items. Impairment is getting better. In Q1, we impaired quite a lot, so it is a less figures in Q2. Most of that is the tax expenditures because we sales more. For P&R in Q2, it is $12 billion, and Q2 this year, it is $14 billion. So P&R is up by a little bit. Now break down into each sector. NG price in this graph, it is going up both for average pool gas price from Q1 in line with the world price. High sulfur crude oil is fuel oil is also increasing. Volume increased by 7% in line with the demand from the generators. SPP and IPP, they also buy more gas. Down here is a key driver of the gas separation plant. We will see that petchem prices is going up as according to supply disruption and petchem spread LDPE, HDPE are going up from Q1 to Q2. For the feed gas cost, because of the price adjustment, the prices maintain and quite stable except for LPG. For the revenue, it is linked with petchem prices, while the cost is reflected more fair price. That is about $400 per ton. U-rate is increasing according to demand from the generators. EBITDA of gas to the right first half of last year and this year, it is up by 51% Q-on-Q and year-on-year. Look at the light blue GSP. Feed gas cost is not up so much, but for the average selling price, it is getting better in line with the petchem price. TSO is down by a little bit because of TC rate, which is down by a little bit. Some of the customers, the contract expire. S&T is quite stable, but we have the C-day, which is booked at the beginning of the year. All in all, we see better performance. Trading business in Q1, we were quite sad in Q1 because of the negative figures, and that is because we cannot book the profit from our crude to sell to our refineries and petchems. But when the sales was not completed, we cannot recognize the margin and it appear as the cost. We see the accumulated figures. But in Q2, when we sell these products, we can recognize all the margin. If we have a lot of transaction from our subsidiaries, we can see significant margins in Q2. But concerning the price, the gross margin of PTT Trading is getting better according to the spread and energy prices. Concerning the sales volume, in order to serve domestic customers in Q2, since 28th of February, a facility in Thailand would be optimized. Out-out trading, the volume would be down because we focus domestic more and pricing is getting better and margin is getting better. That is why PTT Trading first half of this year compared to last year is doing better more than 100%. Our financial position is as expected because we know that if energy prices is better, U-rate is good with better spread, better margin, net working capital would be higher and the current asset and current liability would be up in parallel, so net worth would be higher. The gray zone and the dark blue is bigger. Performance is bigger, and cash would be better as well, from THB 400 billion to THB 425 billion. For PTT only, it is THB 120 billion. And loan, the debt is rising as well because we do not want to wait as we have liquidity enough, and we are quite a big group with long value chain. We do not wait to be the last person in the queue. We contacted commercial banks, both from PTT and subsidiaries, to take more loans. The working capital to PTT Trading, PTT, and our subsidiaries. We utilize this line already in the quarter for the whole group. That is THB 140 billion. But at the end of the quarter, when we get more money back, we have the loan about THB 60 billion altogether at the end of Q2. But now, as the price of the oil is about $96 already, we might consider taking more loans. Down to equity, it increased from THB 1.6 billion to THB 1.8 billion from three major components. The first one is the net income, THB 78 billion, payment of dividend, and the third one in Q1, Thai Oil issue perpetual bond. And perpetual bond portion, THB 60 billion would be recognized. Out of these, our ratio looks beautiful. I just talked to all the credit rating companies. Thai Sovereign is stable and PTT and PTTEP is stable in line with the sovereign. But for PTTGC and refinery, they are facing difficulties. We help them with ETC, so they can maintain their rating. Now, with a better spread, they still have the question towards PTT. The major question is whether we would maintain our ETC scheme, and for the A1, would we maintain its rule, would say that net debt-to-EBITDA should be capped at two because PTT should be strong before we give help to our subsidiaries. If our ratio is our investment grade BBB+ and stable outlook, then we can take care of all this. ETC for us, we look at it as the working capital. We review it every year, and we roll out every year. This is not our permanent line. This is the true nature. We would like to credit rating companies that we are stable enough. This is the cash flow in the first half of this year. To the right, the operating cash is quite strong. It is THB 100 billion. We pay some taxes. We paid the tax at THB 35 billion. That is going to the government. We have changes in assets and liability. This is our working capital. It increased by THB 165 billion in the first half. We have to reserve this kind of cash. With our business growth, working capital would be bigger. We have to rely on the analysts to give the confidence and trust in PTT Group, and then we can take more loans. Investing CapEx is THB 94 billion with PTT and Clean Fuel Project of Thai Oil. We also have some long-term investment, which is cash. We take a loan and we pay the loan at the same time. Dividend, we paid about THB 50 billion. We paid THB 35 billion tax, THB 50 billion dividend and tax and some interest payment. Also, we issue some perpetual bonds. That is THB 18 billion. For PTT Group guidance, this is the guidance for the second half, but we are in August already, but our spread is still strong. CEOs of the flagship companies, they just announced their performance with smiles. Everyone is happy as of now. We have four months left, and we just hope that this strong spread for the remaining time, so we can offset the stock loss, if any. The Dubai price at $96. We are not sure about the price in the future. If the stock loss at the end of the year, if there is any, at least we have the healthy spread in hand. That is why we just put all the plus mark here. Now coming back to our projection. This year we stay at $90 billion. With this $90 billion, we have encountered the price structure, shrinking GDP, down cycle of petchem and refinery. If we still stood at $90 billion, we have to make the revenue of $200 billion. In the future, we would like to make sure for our short term and long term, how can we deliver return for our shareholders. For these few years, we consider our dividend payment according to what we have on hand, and also to serve our shareholders wealth as well. For treasury stock, we are doing the excess cash to do treasury stock, both this year and for next year, to enhance the yield from our excess cash. Saying so, we are taking care of the level of risk as well. For the subsidiaries, we would step in to help them with new financing packages to cut down on their financial costs. We just hope to get the support from all the trusts. For the JUMP+, we would do this with the Stock Exchange of Thailand. We did it from Q1, but then we faced the war. We have to delay it a little bit. Some of these pictures, we have never shown it before. We are interacting with the banks, and we would like to consider all types of loans. If you never come to us, I would reach out for you, because we want to make sure that we can maximize all of the assets that we have and possibilities for us to manage our costs. Also, we would like to build relationships with all the financial institutes and the analysts. in March, we saw your analysts' messages, which is realistic and supporting us at the same time. Thank you very much. For the analysts, this is for analyst presentation next week, September 10 and 11, we would go to the east, Clean Fuel Project of Thai Oil. I was there six years ago, and now I would like to take a look with my own eye. At the same time, we would go to visit PTT Tank Terminal. Apart from assets centralization, we would like to look at our tank terminal there. For the banks, we also would like to have some activities with you, and we would send out the invitation letters to invite all the banks to celebrate the 48th year anniversary of PTT with us. We are strong as we are reaching our 48th year anniversary. Thank you very much to our governor, to our executive officers, analysts, and all financial institutes. PTT is 48th, but for me, it's the 68th year, and this is the last time that I would be here in the PTT analysts. I am so happy that we have shared and spent time together. Thank you very much.