Interim report
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 24 1 General information PTT Exploration and Production Public Company Limited (the Company) is registered as a company in Thailand and listed on the Stock Exchange of Thailand. The address of its registered office is 555/1 Energy Complex Building A, 19th - 36th Floor, Vibhavadi-Rangsit Road, Chatuchak, Bangkok 10900. For reporting purposes, the Company and its subsidiaries are together referred to as the Group. The principal business operations of the Group are exploration and production of petroleum in Thailand and overseas, and related business. The interim consolidated and separate financial information was authorised for issue by the Audit Committee on 31 July 2026. 2 Basis of preparation of the interim financial information The in terim consolidated and separate financial information has been prepared in accordance with Thai Accounting Standard (TAS) no. 34, Interim Financial Reporting , and other financial reporting requirements issued under the Securities and Exchange Act. The interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2025. The Company’s management has determined the US Dollar as the functional currency of the Company and presents the interim consolidated and separate financial information in US Dollar. However, the Stock Exchange of Thailand requires the Company to present its interim consolidated and separate financial information in Thai Baht, so the Company also presents its financial information in Thai Baht by translating from US Dollar. An English version of interim consolidated and separate financial information has been prepared from the interim financial information that is in the Thai language. In the event of a conflict or a difference in interpretation between
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 25 the two languages, the Thai language interim financial information shall prevail.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 26 3 Material accounting policies The accounting policies used in the preparation of the interim financial information are consistent with those used in the financial statements for the year ended 31 December 2025, except for the adoption of the amended financial reporting standards as disclosed in Note 4. 4 Amended financial reporting standards Commencing 1 January 2026, the Group has adopted amended financial reporting standards that are effective for accounting period beginning or after 1 January 2026 and relevant to the Group. The adoption of these standards does not have significant impact to the Group. 5 Accounting estimates The preparation of interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The preparation of interim financial information requires management to use the significant judgments and the data relating to the uncertainties in the estimate for the application of the Group’s accounting policies as presented in the consolidated and separate financial statements for the year ended 31 December 2025.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 27 6 Segment and revenue information Consolidated financial information Unit: Million US Dollar Exploration and production Other businesses Elimination Total Southeast Asia and Corporate For the six-month period ended 30 June 2026 Thailand Other Southeast Asia Middle East Africa Others Revenues - Third parties 282 608 299 84 47 226 - 1,546 - Related parties 3,091 500 275 96 - 9 (163) 3,808 Other income 40 1 - 13 - 399 (371) 82 Interest income - 4 1 10 - 441 (397) 59 Total revenues 3,413 1,113 575 203 47 1,075 (931) 5,495 Operating expenses 450 347 39 28 11 242 (190) 927 Exploration expenses 48 5 - - - - - 53 Administrative expenses 73 51 16 10 1 332 (165) 318 Petroleum royalties 210 5 - 13 - - - 228 Depreciation, depletion and amortisation 931 283 134 30 11 28 1 1,418 Loss (gain) on foreign exchange rates 19 2 - - - (9) - 12 Loss on remeasuring financial instruments - - - - - 153 - 153
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 28 Finance costs 100 21 4 1 - 455 (395) 186 Share of profit of associates and joint ventures - (7) - (19) - (15) - (41) Income taxes 522 127 289 94 10 (10) - 1,032 Total expenses 2,353 834 482 157 33 1,176 (749) 4,286 Profit (loss) for the period 1,060 279 93 46 14 (101) (182) 1,209
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 29 Consolidated financial information Unit: Million Baht Exploration and production Other businesses Elimination Total Southeast Asia and Corporate For the six-month period ended 30 June 2026 Thailand Other Southeast Asia Middle East Africa Others Revenues - Third parties 9,086 19,618 9,602 2,708 1,486 7,276 - 49,776 - Related parties 99,397 16,074 8,862 3,081 - 281 (5,245) 122,450 Other income 1,275 29 8 425 - 12,913 (12,010) 2,640 Interest income 14 114 30 332 7 14,154 (12,761) 1,890 Total revenues 109,772 35,835 18,502 6,546 1,493 34,624 (30,016) 176,756 Operating expenses 14,456 11,132 1,265 881 352 7,782 (6,106) 29,762 Exploration expenses 1,557 132 10 15 - - - 1,714 Administrative expenses 2,345 1,658 493 322 26 10,650 (5,298) 10,196 Petroleum royalties 6,764 149 - 423 - - - 7,336 Depreciation, depletion and amortisation 29,921 9,119 4,310 960 354 909 19 45,592 Loss (gain) on foreign exchange rates 646 73 - (9) (4) (304) 1 403 Loss on remeasuring financial instruments - - - - - 4,772 - 4,772 Finance costs 3,190 658 152 46 6 14,605 (12,678) 5,979
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 30 Share of profit of associates and joint ventures - (215) - (627) - (458) - (1,300) Income taxes 16,785 4,141 9,305 3,038 328 (313) - 33,284 Total expenses 75,664 26,847 15,535 5,049 1,062 37,643 (24,062) 137,738 Profit (loss) for the period 34,108 8,988 2,967 1,497 431 (3,019) (5,954) 39,018
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 31 Consolidated financial information Unit: Million US Dollar Exploration and production Other businesses Total Southeast Asia and Corporate As at 30 June 2026 Thailand Other Southeast Asia Middle East Africa Others Segment assets 9,963 6,234 4,929 4,651 213 4,038 30,028 Investments under equity method - 338 - 406 - 213 957 Total assets 30,985 Total liabilities 5,408 1,963 1,343 813 59 4,331 13,917 Capital expenditures 1,337 553 391 124 3 48 2,456 Consolidated financial information Unit: Million Baht Exploration and production Other businesses Total Southeast Asia and Corporate As at 30 June 2026 Thailand Other Southeast Asia Middle East Africa Others Segment assets 331,478 207,415 163,992 154,745 7,069 134,359 999,058 Investments under equity method - 11,238 - 13,505 - 7,080 31,823
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 32 Total assets 1,030,881 Total liabilities 179,916 65,320 44,666 27,034 1,979 144,110 463,025 Capital expenditures 42,908 17,748 12,529 3,964 80 1,548 78,777
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 33 Consolidated financial information Unit: Million US Dollar Exploration and production Other businesses Elimination Total Southeast Asia and Corporate For the six-month period ended 30 June 2025 Thailand Other Southeast Asia Middle East Africa Others Revenues - Third parties 99 555 285 - 29 9 - 977 - Related parties 2,516 515 255 134 - 19 (169) 3,270 Other income 35 1 4 11 - 524 (503) 72 Interest income 1 6 1 8 1 552 (465) 104 Total revenues 2,651 1,077 545 153 30 1,104 (1,137) 4,423 Operating expenses 477 338 41 31 10 35 (197) 735 Exploration expenses 1 1 8 - 39 - - 49 Administrative expenses 55 43 9 7 2 291 (156) 251 Petroleum royalties 170 - 3 11 - - - 184 Depreciation, depletion and amortisation 942 279 138 41 9 27 - 1,436 (Gain) loss on foreign exchange rates (11) (7) - - - 16 - (2) Gain on remeasuring financial instruments - - - - - (7) - (7) Finance costs 104 23 4 2 1 522 (462) 194
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 34 Share of (profit) loss of associates and joint ventures (5) - - 1 - (14) - (18) Income taxes 313 109 255 21 5 3 - 706 Total expenses 2,046 786 458 114 66 873 (815) 3,528 Profit (loss) for the period 605 291 87 39 (36) 231 (322) 895
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 35 Consolidated financial information Unit: Million Baht Exploration and production Other businesses Elimination Total Southeast Asia and Corporate For the six-month period ended 30 June 2025 Thailand Other Southeast Asia Middle East Africa Others Revenues - Third parties 3,341 18,621 9,527 - 977 311 - 32,777 - Related parties 84,321 17,260 8,547 4,471 - 649 (5,679) 109,569 Other income 1,167 34 142 370 - 17,544 (16,838) 2,419 Interest income 29 206 34 271 21 18,511 (15,590) 3,482 Total revenues 88,858 36,121 18,250 5,112 998 37,015 (38,107) 148,247 Operating expenses 15,973 11,343 1,389 1,012 320 1,178 (6,594) 24,621 Exploration expenses 18 38 255 11 1,299 - - 1,621 Administrative expenses 1,849 1,425 295 250 62 9,765 (5,211) 8,435 Petroleum royalties 5,685 23 87 369 - - - 6,164 Depreciation, depletion and amortisation 31,538 9,352 4,639 1,355 310 903 (15) 48,082 (Gain) loss on foreign exchange rates (353) (237) - (14) 5 553 (1) (47) Gain on remeasuring financial instruments - - - - - (237) - (237) Finance costs 3,500 781 137 71 7 17,509 (15,505) 6,500
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 36 Share of (profit) loss of associates and joint ventures (165) - - 18 - (478) - (625) Income taxes 10,496 3,656 8,543 703 182 86 - 23,666 Total expenses 68,541 26,381 15,345 3,775 2,185 29,279 (27,326) 118,180 Profit (loss) for the period 20,317 9,740 2,905 1,337 (1,187) 7,736 (10,781) 30,067
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 37 Consolidated financial information Unit: Million US Dollar Exploration and production Other businesses Total Southeast Asia and Corporate As at 30 June 2025 Thailand Other Southeast Asia Middle East Africa Others Segment assets 8,927 5,924 4,230 4,284 252 4,708 28,325 Investments under equity method - - - 45 - 254 299 Total assets 28,624 Total liabilities 5,465 1,796 884 743 57 3,603 12,548 Capital expenditures 1,617 231 432 118 6 47 2,451 Consolidated financial information Unit: Million Baht Exploration and production Other businesses Total Southeast Asia and Corporate As at 30 June 2025 Thailand Other Southeast Asia Middle East Africa Others Segment assets 290,624 192,863 137,740 139,477 8,200 153,271 922,175 Investments under equity method - - - 1,466 - 8,253 9,719
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 38 Consolidated financial information Unit: Million Baht Exploration and production Other businesses Total Southeast Asia and Corporate As at 30 June 2025 Thailand Other Southeast Asia Middle East Africa Others Total assets 931,894 Total liabilities 177,927 58,465 28,784 24,181 1,868 117,293 408,518 Capital expenditures 54,199 7,749 14,478 3,968 199 1,567 82,160
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 39 For the year 2026 and comparative information for the year 2025, the Group has changed the basis of presentation of reportable operating segments in accordance with segment information reported to the chief operating decision -maker and quantitative thresholds according to financial reporting standards. The Group is organised into the following business segments: Exploration and production: The Group operates in oil and gas exploration and production both domestically and overseas including gas transportation pipeline in overseas , either as an operator or as a joint venture partner with international oil and gas companies. Most domestic projects are located in the Gulf of Thailand. Overseas projects are located in Southeast Asia, Middle East, Africa and others. Other business and corporate consist of investments in other business, such as new business for energy transition , related business, and corporate. These do not constitute a separately reportable segment. For the six-month period ended 30 June 2026, the Group ha d one major customer from revenues under the exploration and production segment, representing 65% of total revenues from sales ( for the six-month period ended 30 June 2025, the Group ha d one major customer from revenues under the exploration and production segment, representing 68% of total revenues from sales) . The mentioned revenue is presented in Note 11 (a) under the topic “The parent company”.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 40 7 Fair value 7.1 Fair value estimation The following table presents financial assets and financial liabilities recognised by their fair value hierarchy. Consolidated financial information Unit: Million US Dollar Level 1 Level 2 Level 3 Total 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 Assets Cash and cash equivalents measured at fair value through profit or loss 38 216 - - - - 38 216 Short-term investment measured at fair value through profit or loss - 50 - - - - - 50 Financial derivative assets Derivative assets applied hedge accounting - Forward foreign exchange contracts - - 17 - - - 17 - - Cross currency and interest rate swap - - 41 93 - - 41 93 Derivative assets measured at fair value through profit or loss - Oil price hedge - - 22 67 - - 22 67 - Forward foreign exchange contracts - - 7 1 - - 7 1 Other financial assets Financial assets measured at fair value through profit or loss - Investment in debt instruments 193 - - - - - 193 - - Joint development agreements - - - - 1 2 1 2
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 41 Financial assets measured at fair value through other comprehensive income - Investment in debt instruments 32 32 - - - - 32 32 - Investment in equity instruments - - - - 20 15 20 15 Total assets 263 298 87 161 21 17 371 476
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 42 Consolidated financial information Unit: Million US Dollar Level 1 Level 2 Level 3 Total 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 Liabilities Financial derivative liabilities Derivative liabilities applied hedge accounting - Forward foreign exchange contracts - - 3 11 - - 3 11 - Cross currency and interest rate swap - - 27 27 - - 27 27 Derivative liabilities measured at fair value through profit or loss - Oil price hedge - - 2 - - - 2 - - Forward foreign exchange contracts - - - 5 - - - 5 Total liabilities - - 32 43 - - 32 43
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 43 Consolidated financial information Unit: Million Baht Level 1 Level 2 Level 3 Total 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 Assets Cash and cash equivalents measured at fair value through profit or loss 1,258 6,809 - - - - 1,258 6,809 Short-term investment measured at fair value through profit or loss - 1,579 - - - - - 1,579 Financial derivative assets Derivative assets applied hedge accounting - Forward foreign exchange contracts - - 565 5 - - 565 5 - Cross currency and interest rate swap - - 1,357 2,923 - - 1,357 2,923 Derivative assets measured at fair value through profit or loss - Oil price hedge - - 743 2,128 - - 743 2,128 - Forward foreign exchange contracts - - 245 16 - - 245 16 Other financial assets Financial assets measured at fair value through profit or loss - Investment in debt instruments 6,406 - - - - - 6,406 - - Joint development agreements - - - - 30 52 30 52 Financial assets measured at fair value through other comprehensive income
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 44 - Investment in debt instruments 1,077 1,004 - - - - 1,077 1,004 - Investment in equity instruments - - - - 666 475 666 475 Total assets 8,741 9,392 2,910 5,072 696 527 12,347 14,991
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 45 Consolidated financial information Unit: Million Baht Level 1 Level 2 Level 3 Total 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 Liabilities Financial derivative liabilities Derivative liabilities applied hedge accounting - Forward foreign exchange contracts - - 85 363 - - 85 363 - Cross currency and interest rate swap - - 899 845 - - 899 845 Derivative liabilities measured at fair value through profit or loss - Oil price hedge - - 68 - - - 68 - - Forward foreign exchange contracts - - 1 148 - - 1 148 Total liabilities - - 1,053 1,356 - - 1,053 1,356
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 46 Separate financial information Unit: Million US Dollar Level 1 Level 2 Level 3 Total 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 Assets Financial derivative assets Derivative assets applied hedge accounting - Forward foreign exchange contracts - - 7 - - - 7 - - Cross currency and interest rate swap - - 20 51 - - 20 51 Financial assets measured at fair value through profit or loss - Forward foreign exchange contracts - - 3 - - - 3 - Other financial assets Financial assets measured at fair value through other comprehensive income - Investment in equity instruments - - - - - - - - Total assets - - 30 51 - - 30 51 Liabilities Financial derivative liabilities Derivative liabilities applied hedge accounting - Forward foreign exchange contracts - - 3 8 - - 3 8 - Cross currency and interest rate swap - - - - - - - -
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 47 Derivative liabilities measured at fair value through profit or loss - Forward foreign exchange contracts - - - 3 - - - 3 Total liabilities - - 3 11 - - 3 11 Separate financial information Unit: Million Baht Level 1 Level 2 Level 3 Total 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 30 June 2026 31 Decembe r 2025 Assets Financial derivative assets Derivative assets applied hedge accounting - Forward foreign exchange contracts - - 220 2 - - 220 2 - Cross currency and interest rate swap - - 660 1,589 - - 660 1,589 Financial assets measured at fair value through profit or loss - Forward foreign exchange contracts - - 111 6 - - 111 6 Other financial assets Financial assets measured at fair value through other comprehensive income - Investment in equity instruments - - - - 1 1 1 1 Total assets - - 991 1,597 1 1 992 1,598 Liabilities Financial derivative liabilities Derivative liabilities applied hedge accounting
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 48 - Forward foreign exchange contracts - - 85 228 - - 85 228 - Cross currency and interest rate swap - - 3 - - - 3 - Derivative liabilities measured at fair value through profit or loss - Forward foreign exchange contracts - - - 105 - - - 105 Total liabilities - - 88 333 - - 88 333
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 49 Transfer between fair value hierarchy The Group has no transaction s transferred between Level 1, Level 2, and Level 3 of the fair value hierarchy during the period. 7.2 Fair value valuation techniques Fair values are categorised into hierarchy based on inputs used as follows: 7.2.1 Valuation techniques used to derive level 1 fair values The fair value of financial instruments is based on quoted prices of each asset or liability by reference of active markets. 7.2.2 Valuation techniques used to derive level 2 fair values The fair value of financial instruments is determined using valuation techniques which significantly use observable data and, as little as possible, the Group specific estimates. Valuation techniques used to derive level 2 fair values of financial derivative instruments are as follows: Oil price hedge comprises oil price swaps and options. The fair value of oil price swaps is assessed based on the price level which is calculated using the market price of future contracts. The fair value of oil price options is calculated using premium which requires various variable factors, such as the price level of swap, timing of exercise, and price volatility etc. The fair value of forward contracts, including forward foreign exchange contracts with resettable option, are calculated using forward foreign exchange rates that are quoted in an active market for the forward contract portion. The fair value of resettable option is assessed based on various variable factors, such as future forward foreign exchange rate, the market value of
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 50 swap price, timing of exercise, and foreign exchange rate volatility etc. The fair value of cross currency and interest rate swaps including Memorandum of Understanding on Cross Currency Swap (MOU) in relation to interest rate adjustment with financial institution, is calculated using forward interest rates derived from the yield curves in an observable interest market and forward foreign exchange rates that are quoted in an active market including assessing the possibilit ies of interest rate adjustment according to MOU.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 51 7.2.3 Valuation techniques used to derive level 3 fair values The fair value of financial instruments is measured using unobservable inputs in which the Group uses discounted cash flows method to derive level 3 fair value. Changes in level 3 financial instruments for the six-month period ended 30 June 2026 is as follows: Consolidated financial information Unit: Million US Dollar Financial assets measured at fair value through profit or loss Financial assets measured at fair value through other comprehensive income Opening balance 2 15 Increase/Decrease (1) 5 Changes recognised in profit or loss - - Closing balance 1 20 Consolidated financial information Unit: Million Baht Financial assets measured at fair value through profit or loss Financial assets measured at fair value through other comprehensive income Opening balance 52 475 Increase/Decrease (21) 160 Changes recognised in profit or loss (1) - Currency translation differences - 31
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 52 Closing balance 30 666
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 53 Separate financial information Unit: Million US Dollar Financial assets measured at fair value through other comprehensive income Opening balance - Changes recognised in other comprehensive income - Closing balance - Separate financial information Unit: Million Baht Financial assets measured at fair value through other comprehensive income Opening balance 1 Changes recognised in other comprehensive income - Currency translation differences - Closing balance 1
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 54 The Group’s valuation processes The fair values of financial assets measured at fair value through profit or loss are as follows: For investments in non -marketable financial assets, the fair values are based on the discounted present value of the future cash flows, estimated based on available performance indicators and an appropriate interest rate. The fair values of equity instruments measured at fair value through other comprehensive income are as follows: For investment in startup companies, the fair values is based on the valuation made during the latest round of fundraising including considering other factors. For investment in unquoted equity , the fair value is based on business plan and market conditions, Management considers that the book value of the financial assets approximates their fair value. The following figures presented fair value and book value of financial assets and liabilities for eac h category, but not include transaction which has a book value similar to fair value. The details of fair values of long-term loans receivable s and long-term liabilities as at 30 June 2026 and 31 December 2025 calculated by using the discounted cash flow based on a discount rate of borrowing with similar terms are as follows: Consolidated financial information Unit: Million US Dollar Book value Fair value 30 June 2026 31 Decemb er 2025 30 June 2026 31 Decemb er 2025 Long-term loans to related parties 574 588 574 588 Unsecured and unsubordinated debentures 3,280 2,868 3,069 2,796
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 55 Consolidated financial information Unit: Million Baht Book value Fair value 30 June 2026 31 Decemb er 2025 30 June 2026 31 Decemb er 2025 Long-term loans to related parties 19,099 18,572 19,099 18,572 Unsecured and unsubordinated debentures 109,119 90,596 102,091 88,301
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 56 Separate financial information Unit: Million US Dollar Book value Fair value 30 June 2026 31 Decemb er 2025 30 June 2026 31 Decemb er 2025 Long-term loans to a related party 6,983 6,983 6,984 6,983 Unsecured and unsubordinated debentures 1,026 551 937 588 Separate financial information Unit: Million Baht Book value Fair value 30 June 2026 31 Decemb er 2025 30 June 2026 31 Decemb er 2025 Long-term loans to a related party 232,321 220,535 232,375 220,531 Unsecured and unsubordinated debentures 34,162 17,395 31,174 18,560 Book value of long-term loans to related parties and unsecured and unsubordinated debentures is measured at amortised cost. The fair value of debentures in Thai Baht is calculated using the reference price in the secondary market of Thai Bond Market Association that are quoted in an active market and classified as level 2 fair value. The fair value of debentures in US Dollar is calculated using the reference observable price in the secondary market of foreign bond that is quoted in an active market and classified as level 2 fair value.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 57 The fair value of long -term loans to related parties is calculated by the discounted cash flow method using the reference discount rate in the market and classified as level 3 fair value.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 58 The fair value of the following financial assets and liabilities approximate their book value. Consolidated financial information Separate financial information Financial assets Cash and cash equivalents Short-term investments Trade and other current receivables Short-term loans to related parties Other current assets Other non-current financial assets Other non-current assets Financial assets Cash and cash equivalents Trade and other current receivables Short-term loans to a related party Other current assets Other non-current assets Financial liabilities Trade and other current payables Other current liabilities Financial liabilities Trade and other current payables Other current liabilities Book value of the above financial assets and liabilities is measured at amortised cost.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 59 8 Cash and cash equivalents Cash and cash equivalents comprised: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Cash and bank deposits 2,303 1,969 76,628 62,191 Cash equivalents Fixed deposits 148 259 4,926 8,181 Treasury bills less than 3 months 9 - 300 - Money market funds 38 86 1,258 2,703 Total cash and cash equivalents 2,498 2,314 83,112 73,075 Separate financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Cash and bank deposits 43 95 1,417 2,989
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 60 9 Short-term investments Short-term investments comprised: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Fixed deposits 99 122 3,288 3,848 10 Trade and other current receivables Consolidated financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Trade receivables (Note 11) 1,052 857 35,006 27,050 Other current receivables, net 709 552 23,595 17,442 Total trade and other current receivables, net 1,761 1,409 58,601 44,492 Separate financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Trade receivables (Note 11) 228 174 7,594 5,498 Other current receivables, net 383 491 12,730 15,510 Total trade and other current receivables, net 611 665 20,324 21,008
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 61
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 62 Aging of trade receivables can be analysed as follows: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Not yet due 1,045 849 34,756 26,805 Over due - Up to 3 months 3 3 99 95 - Over 3 months but not over 6 months - - - - - Over 6 months but not over 12 months - - - 2 - Over 12 months 4 5 151 149 Total 1,052 857 35,006 27,051 Separate financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Not yet due 228 174 7,594 5,498 Over due - Up to 3 months - - - - - Over 3 months but not over 6 months - - - - - Over 6 months but not over 12 months - - - - - Over 12 months - - - - Total 228 174 7,594 5,498
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 63 11 Significant transactions with related parties Individuals or entities that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the Company, including holding companies, subsidiaries and fellow subsidiaries are related parties of the Company. Individuals and associates owning, directly or indirectly, a n interest in the voting power of the Company that gives them significant influence over the enterprise, key management personnel, directors and close members of the family of these individuals and companies associated with these indivduals also constitute related parties. In considering each possible related party relationship, the Company’s attention is directed to the substance of the relationship, and not merely the legal form. PTT Public Company Limited, a company registered in Thailand, is the major shareholder of the Company and holds in proportion of 63.79% of the shareholding interest. The general public hold the remaining shares. Other related parties are entities that are contractual by the Company’s major shareholder. The pricing policies for transactions between parent company, subsidiaries, associates, joint ventures, joint operation and related parties are as follows: Sales are set based on the sale agreements. Interest income is calculated using weighted average cost of debt plus profit markup. Other income is calculated based on rate in the agreement. Dividend income is approved by shareholders of subsidiaries, associates and joint ventures. The prices of purchases and services charged are in accordance with the conditions in the agreement. Other expenses comprise management and service fees charged to the parent company, subsidiaries and related parties for rendering the management services in the normal course of business. The fees are based
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 64 on the service costs plus profit markup , and gain and loss on oil price hedge is calculated based on rate in the agreement.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 65 Significant transactions with related parties are summarised as follows: a) Transactions with related parties Transactions with related parties for the six-month periods ended 30 June are as follows: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 2026 2025 2026 2025 Parent company Revenue from sales 3,428 2,861 110,226 95,901 Other income 5 5 164 167 Purchase and other expenses 2 2 52 59 Associates Interest income - - 7 7 Other income - - 7 7 Dividend income 6 2 190 59 Rental and service expenses 33 39 1,058 1,303 Purchase and other expenses - 1 8 22 Joint ventures Dividend income 6 6 209 190 Other related parties Revenue from sales 379 408 12,224 13,668 Interest income 16 19 520 634 Other income 15 6 492 189 Purchase and other expenses 134 58 4,295 1,960
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 66
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 67 Separate financial information Unit: Million US Dollar Unit: Million Baht 2026 2025 2026 2025 Parent company Revenue from sales 1,092 891 35,096 29,894 Other income - - 9 8 Purchase and other expenses 2 1 49 50 Subsidiaries Interest income 161 188 5,163 6,287 Other income 92 87 2,938 2,905 Dividend income 38 15 1,247 517 Associates Other income - - 8 6 Dividend income 6 33 192 1,097 Rental and service expenses 29 2 939 58 Purchase and other expenses - - 8 - Joint operations Other income - - 5 5 Other related parties Revenue from sales 74 104 2,389 3,456 Purchase and other expenses 3 2 94 66
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 68 b) Account receivable - related party Account receivable - related party comprised: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Parent company 588 566 19,565 17,884 Separate financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Parent company 187 149 6,230 4,712 c) Short-term loans to related parties Short-term loans to related parties comprised: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Joint ventures 6 6 193 176 The Group has provided the unsecured loan in US Dollar and Thai Baht to the joint venture and the interest rates for the six - month period
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 69 ended 30 June 2026 were 2.00% - 7.25% per annum (for the year ended 31 December 2025: interest rates were 2.50% - 7.25% per annum).
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 70 Separate financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Subsidiary 203 98 6,758 3,108 The Company has provided the unsecured loan in US Dollar and Thai Baht to the subsidiary and the interest rates for the six-month period ended 30 June 2026 were 0.00% - 3.00% per annum (for the year ended 31 December 2025: interest rates were 0.25% - 3.75% per annum). d) Long-term loans to related parties Long-term loans to related parties comprised: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Joint ventures 574 588 19,099 18,572 The Group has provided the unsecured loan in Pound Sterling and Thai Baht to the joint venture and the interest rates for the six-month period ended 30 June 2026 were 5.50% - 7.45% per annum (for the year ended 31 December 2025: interest rates were 5.51% - 7.83% per annum). Separate financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Subsidiary 6,983 6,983 232,321 220,535
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 71 The Company has provided the unsecured loan in US Dollar to the subsidiary and the interest rate for the six-month period ended 30 June 2026 was 4.54% per annum (for the year ended 31 December 2025: interest rate was 5.34% per annum). The borrower shall make the repayment notice within this loan term which is over than 1 year.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 72 The movements of the long -term loans to related part ies for the six- month period ended 30 June 2026 are as follows: Consolidated financial information Separate financial information Unit: Million US Dollar Unit: Million Baht Unit: Million US Dollar Unit: Million Baht Opening balance 588 18,572 6,983 220,535 Decrease (3) (89) - - Foreign exchange differences (11) (353) - - Currency translation differences - 975 - 11,786 574 19,105 6,983 232,321 Less Current portion - (6) - - Closing balance 574 19,099 6,983 232,321 e) Director and executive management fees of the Group Director and executive management fees of the Group for the six-month period ended 30 June are as follows: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 2026 2025 2026 2025 Short-term benefits 4 4 125 136 Post-employment and other long-term benefits - - 4 7 4 4 129 143 Separate financial information Unit: Million US Dollar Unit: Million Baht 2026 2025 2026 2025
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 73 Short-term benefits 4 4 124 136 Post-employment and other long-term benefits - - 4 7 4 4 128 143
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 74 12 Investment in subsidiaries, associates, joint ventures and joint operations The movements of investments in subsidiaries, associates and joint ventures for the six-month period ended 30 June 2026 are as follows: Consolidated financial information Separate financial information Unit: Million US Dollar Unit: Million Baht Unit: Million US Dollar Unit: Million Baht Opening balance 948 29,930 3,502 110,593 Share of net profit after income taxes 41 1,300 - - Dividend received from associates (6) (190) - - Dividend received from joint ventures (6) (209) - - Share of other comprehensive expenses - Currency difference arising from translation of financial information of associates and joint ventures (4) (132) - - Increase in investments 6 193 370 11,878 Decrease in investments (21) (680) - - Currency translation differences (1) 1,611 - 6,350 Closing balance 957 31,823 3,872 128,821 Significant events during the period
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 75 On 25 March 2025, Oman Onshore Block 12, in which PTTEP MENA Limited (PTTEP MENA) holds a 20% participating interest, ended its first exploration phase. The operator and PTTEP MENA agreed to not enter the second exploration phase and submitted a request to relinquish and return the block. The Group receiv ed the official approval from the Government of Sultanate of Oman effective on 5 January 2026. On 16 September 2024, PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEP AAA), a subsidiary of the Group holding 100% participating interests in AC/RL12 Project, submitted a surrender application to return the block. The retention lease expired on 9 November 2025. The Group received the official approval from the Government of the Commonwealth of Australia effective on 8 January 2026. On 19 January 2026, AzurVista Resources Pte. Ltd. (AZV), an associate of the Group, increased its authorised share capital amounting to US Dollar 6 million by issuing of 6 million preferred shares at a par value of US Dollar 1 each. The Group paid the share subscription accor ding to the Group’s shareholding portion amounting to US Dollar 3 million and on 12 February 2026, AZV increased its authorised share capital amounting to US Dollar 6 million by issuing of 6 million preferred shares at a par value of US Dollar 1 each. The Group paid the share subscription according to the Group’s shareholding portion amounting to US Dollar 3 million. On 30 January 2026, PTTEP Energy Holding (Thailand) Company Limited (PTTEP EH), a subsidiary of the Company, increased its authorised share capital amounting to Baht 10,425.21 million by issuing of 104.25 million new ordinary shares at a par value of Baht 100 each. The Company paid the share subscription according to the Company’s shareholding portion in an amount equivalent to US Dollar 333.5 million and on 20 March 2026, PTTEP EH increased its authorised share capital amounting to Baht 509.81 million by issuing of 5.10 million new ordinary shares at a par value of Baht 100 each. The Company paid the share subscription according to the Company’s shareholding portion in an amount equivalent to US Dollar 15.96 million and on 15 June 2026, PTTEP EH increased its authorised share
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 76 capital amounting to Baht 676.63 million by issuing of 6.77 million new ordinary shares at a par value of Baht 100 each . The Company paid the share subscription according to the Company’s shareholding portion in an amount equivalent to US Dollar 20.81 million. On 18 February 2025 , PTTEP Offshore Investment Company Limited (PTTEPO), a subsidiary of the Group, established Delta Energy Transportation Holding Pte. Ltd. (DET) in Singapore with a registered capital of US Dollar 0.05 million. The registered capital comprises 0.05 million ordinary shares at a par value of US Dollar 1 each. PTTEPO holds 100% interest in DET and the shares were fully paid-up on 13 February 2026 . The Group classifies the investment in DET as an investment in a subsidiary. On 18 February 2025 , DET established Delta Petroleum Processing & Transportation Pte. Ltd. (DPPT) in Singapore with a registered capital of US Dollar 0.05 million. The registered capital comprises 0.05 million ordinary shares at a par value of US Dollar 1 each. DET holds 100% interest in DPPT and the shares were fully paid-up on 13 February 2026. The Group classifies the investment in DPPT as an investment in a subsidiary. On 24 February 2026, S2 Robotics Company Limited ( S2), a subsidiary of the Group, increased its authorised share capital amounting to Baht 47 million by issuing of 0.47 million new ordinary shares at a par value of Baht 100 each. The Group paid the share subscription according to the Group’s shareholding portion in an amount equivalent to US Dollar 1.51 million. On 10 March 2026, PTTEP MENA, a subsidiary of the Group, jointly with ENI ABU DHABI B.V., incorporated Seela Energies B.V. (Seela) in the Netherlands with a registered capital of Euro 20,000, comprising 4,000 ordinary shares with a par value of Euro 5 each. PTTEP MENA holds a 50% interest and has paid for the shares in proportion to its shareholding, equivalent to US Dollar 0.01 million. The Group classifies the investment in Seela as an investment in joint venture. On 24 April 2026, AZV decreased its authorised share capital amounting to US Dollar 6 million by reducing of 6 million preferred shares at a par value of US Dollar 1 each. The Group received a return of capital from capital
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 77 reduction in proportion to its ownership interest amounting to US Dollar 3 million and on 15 May 2026, AZV decreased its authorised share capital amounting to US Dollar 6 million by reducing of 6 million preferred shares at a par value of US Dollar 1 each. The Group received a return of capital from capital reduction in proportion to its ownership interest amounting to US Dollar 3 million. On 29 June 2026, E&E Algeria Touat B.V. (TOUAT BV), a joint venture of the Group, reduced its share capital by decreasing the par value of its shares from E uro 10,839.08 per share to E uro 8,655.06 per share. The capital reduction did not affect the Group’s ownership interest in TOUAT BV, which remains a joint venture of the Group. As a result, the Group received a return of capital from capital reduction in proportion to its ownership interest amounting to US Dollar 15.18 million. 13 Property, plant and equipment The movements of property, plant and equipment for the six-month period ended 30 June 2026 are as follows:
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 78 Consolidated financial information Separate financial information Unit: Million US Dollar Unit: Million Baht Unit: Million US Dollar Unit: Million Baht Opening net book value, net 16,194 511,450 1,457 46,014 Additions 2,179 69,890 194 6,231 Disposals and write-off, net (48) (1,545) - - Reclassification 10 328 - - Depreciation charged for the period (1,301) (41,820) (135) (4,356) Currency translation differences (2) 28,345 - 2,537 Closing net book value, net 17,032 566,648 1,516 50,426 During the six-month period ended 30 June 2026, the Group reclassified the petroleum reserves that have been found to be technically and commercially producible from exploration and evaluation assets (Note 15) to property, plant and equipment. As at 30 June 2026 and 31 December 2025, the Group has capital expenditure commitments as disclosed in Note 22.1.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 79 14 Right-of-use assets The movements of right-of-use assets for the six-month period ended 30 June 2026 are as follows: Consolidated financial information Separate financial information Unit: Million US Dollar Unit: Million Baht Unit: Million US Dollar Unit: Million Baht Opening net book value, net 1,047 33,051 71 2,256 Additions 204 6,561 23 741 Agreement modification (6) (191) (6) (209) Amortisation charged for the period (229) (7,353) (23) (741) Currency translation differences - 1,727 - 112 Closing net book value, net 1,016 33,795 65 2,159 15 Exploration and evaluation assets The movements of exploration and evaluation assets for the six-month period ended 30 June 2026 are as follows: Consolidated financial information Unit: Million US Dollar Unit: Million Baht Opening net book value, net 2,487 78,542
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 80 Additions 33 1,074 Decreases - (3) Reclassification to property, plant and equipment (10) (328) Currency translation differences - 4,225 Closing net book value, net 2,510 83,510
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 81 16 Debentures and lease liabilities Debentures and lease liabilities comprised: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Current portion Current portion of debentures 830 237 27,626 7,498 Current portion of lease liabilities 410 432 13,633 13,627 1,240 669 41,259 21,125 Non-current portion Debentures 2,449 2,631 81,493 83,098 Lease liabilities 664 714 22,084 22,551 3,113 3,345 103,577 105,649 Total d ebentures and lease liabilities 4,353 4,014 144,836 126,774 Separate financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Current portion Current portion of debenture 180 190 6,000 5,998 Current portion of lease liabilities 41 59 1,368 1,851 221 249 7,368 7,849 Non-current portion Debentures 846 361 28,163 11,397 Lease liabilities 30 32 983 999 876 393 29,146 12,396
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 82 Total debentures and lease liabilities 1,097 642 36,514 20,245
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 83 a) Debentures The movements of debentures for the six-month period ended 30 June 2026 are as follows: Consolidated financial information Separate financial information Unit: Million US Dollar Unit: Million Baht Unit: Million US Dollar Unit: Million Baht Opening balance 2,868 90,596 551 17,395 Cash flows: Increase 511 16,390 511 16,390 Repayment of debentures (45) (1,429) - - Non-cash movement: Amortisation of deferred finance cost 2 85 - 14 Foreign exchange differences (57) (1,853) (36) (1,133) Currency translation differences - 5,330 - 1,497 3,279 109,119 1,026 34,163 Less Current portion of debentures (830) (27,626) (180) (6,000) Closing balance, net 2,449 81,493 846 28,163 Redemption and Issuance of Debentures The details of movements of debentures during the six-month period ended 30 June 2026 are as follows: On 11 May 2026, PTTEP Treasury Center Company Limited (PTTEP TC), a subsidiary of the Company, r edeemed senior guaranteed debentures with
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 84 a bondholders’ representative amounting to Baht 1,500 million (equivalent to US Dollar 44.55 million).
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 85 On 22 May 2026, the Company issued and offered name-registered, unsubordinated and unsecured debentures with a bondholders’ representative in Thailand, comprising: Zero Coupon Bonds denominated in Thai Baht with a tenor of 3 years, amounting to Baht 8,000 million (equivalent to US Dollar 245.15 million), at a discount rate of 1.68% per annum. The Company entered into foreign exchange forward contracts to convert the debt obligation from Thai Baht into US Dollar amounting to US Dollar 263.55 million at an average exchange rate of Baht 30.35 per US Dollar. Debentures denominated in T hai Baht with a tenor of 5 years and 6 months, amounting to Baht 5,000 million (equivalent to US Dollar 153.22 million), bearing a fixed interest rate of 2.10% per annum. The Company entered into cross currency and interest rate swap to convert the debt obligation from Thai Baht into US Dollar amounting to US Dollar 151.84 million at an average exchange rate o f Baht 32.93 per US Dollar. Under the swap contracts, the Company is exposed to floating interest rates referenced to the Secured Overnight Financing Rate (SOFR) plus an average spread of 0.61% per annum. US Dollar -denominated digital debentures with a ten or of 5 years, amounting to US Dollar 125 million, bearing a fixed interest rate of 4.50% per annum.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 86 b) Lease liabilities The movements of lease liabilities for the six-month period ended 30 June 2026 are as follows: Consolidated financial information Separate financial information Unit: Million US Dollar Unit: Million Baht Unit: Million US Dollar Unit: Million Baht Opening balance 1,146 36,178 91 2,850 Cash flows: Repayment of lease liabilities (245) (7,871) (29) (917) Non-cash movements: Deferred finance cost 21 680 1 51 Increase of lease liabilities 204 6,555 23 720 Decrease of lease liabilities (46) (1,466) (8) (258) Agreement modification (5) (171) (6) (189) Foreign exchange differences (1) (36) (1) (35) Currency translation differences - 1,848 - 129 Lease liabilities 1,074 35,717 71 2,351 Less Current portion of lease liabilities (410) (13,633) (41) (1,368) Closing balance, net 664 22,084 30 983 Related leases transaction recognised in the statement of income for the six- month period ended 30 June 2026 are as follows: Consolidated financial information Separate financial information Unit: Million US Dollar Unit: Million Baht Unit: Million US Dollar Unit: Million Baht
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 87 Expenses related to short-term lease 3 115 - 5 Expenses related to low-value assets lease 4 113 3 89 Expenses related to variable lease payment, which does not include in lease liabilities - 10 - - The Group has the total cash outflows for lease liabilities for the six-month period ended 30 June 2026 amounting to US Dollar 252.65 million (Baht 8,109.10 million) in the consolidated financial information and US Dollar 31.54 million (Baht 1,011.83 million) in the separate financial information. 17 Non-current provision for decommissioning costs The movements of non-current provision for decommissioning costs for the six- month period ended 30 June 2026 are as follows: Consolidated financial information Separate financial information Unit: Million US Dollar Unit: Million Baht Unit: Million US Dollar Unit: Million Baht Opening balance 4,269 134,841 831 26,247 Additional provision 11 364 - - Provision used during the period (30) (982) (1) (23) Finance costs 103 3,285 22 696 Currency translation differences - 7,301 - 1,427 4,353 144,809 852 28,347
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 88 Less Current portion of provision for decommissioning cost (89) (2,949) (15) (515) Closing balance, net 4,264 141,860 837 27,832
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 89 18 Other non-current liabilities Other non-current liabilities comprised: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Contract liability 382 90 12,708 2,841 Land usage fee 25 27 841 841 Others 36 35 1,181 1,107 Total other non-current liabilities 443 152 14,730 4,789 Separate financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Land usage fee 6 6 210 211 Others 7 5 220 148 Total other non-current liabilities 13 11 430 359
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 90 19 Basic earnings per share Basic earnings per share for the three-month period ended 30 June are calculated as follows: Consolidated financial information Unit: US Dollar Unit: Baht 2026 2025 2026 2025 Profit attributable to equity holders of parent (unit: million) 833 407 27,197 13,515 Weighted average number of ordinary shares outstanding during the period (million shares) 3,970 3,970 3,970 3,970 Basic earnings per share 0.21 0.11 6.85 3.41 Separate financial information Unit: US Dollar Unit: Baht 2026 2025 2026 2025 Profit attributable to equity holders of parent (unit: million) 264 193 8,611 6,370 Weighted average number of ordinary shares outstanding during the period (million shares) 3,970 3,970 3,970 3,970 Basic earnings per share 0.06 0.05 2.17 1.60
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 91 Basic earnings per share for the six -month period ended 30 June are calculated as follows: Consolidated financial information Unit: US Dollar Unit: Baht 2026 2025 2026 2025 Profit attributable to equity holders of parent (unit: million) 1,209 895 39,032 30,076 Weighted average number of ordinary shares outstanding during the period (million shares) 3,970 3,970 3,970 3,970 Basic earnings per share 0.30 0.23 9.83 7.58 Separate financial information Unit: US Dollar Unit: Baht 2026 2025 2026 2025 Profit attributable to equity holders of parent (unit: million) 534 423 17,175 14,190 Weighted average number of ordinary shares outstanding during the period (million shares) 3,970 3,970 3,970 3,970 Basic earnings per share 0.13 0.11 4.33 3.57 20 Dividends On 30 March 2026, at the Annual General Meeting of the Shareholder, the shareholders approved the payment of a dividend for the year 2025 at the rate of Baht 8.75 per share. The Company made an interim dividend payment for the first half -year operations of 2025 at
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 92 the rate of Baht 4.10 per share on 22 August 202 5, and for the second half- year operations of 2025 at the rate of Baht 4.65 per share which was paid to the shareholders on 22 April 2026.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 93 21 Income tax expense Income tax rates for the six-month period ended 30 June 2026 are as follows: Tax Rate (%) Income tax in Thailand - Corporate income tax under Revenue Code Exempt*, 3, 20 - Petroleum income tax on petroleum businesses in Thailand pursuant to Petroleum Income Tax Act, B.E. 2514 and 2532 50 - Petroleum income tax on petroleum business in Thailand pursuant to Petroleum Income Tax Act, B.E. 2560 20 Income tax from the Petroleum business in the Thailand - Malaysia Joint Development Area under the Petroleum Income Tax Act (No.5), B.E. 2541 and Petroleum Income tax in Malaysia - From the first to the eighth accounting period Exempt - From the ninth to the fifteenth accounting period 10 - From the sixteenth accounting period onwards 20 Income tax in Malaysia - Corporate income tax 24 - Petroleum income tax 25, 38 Corporate income tax in the Republic of the Union of Myanmar 25 Corporate income tax in the Socialist Republic of Vietnam 20, 50 Income tax in the Republic of Indonesia - Corporate income tax 22 - Income tax from the profit distribution 20 Corporate income tax in the Republic of Singapore 17 Corporate income tax in Hong Kong Special Administrative Region of the People's Republic of China 16.5
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 94 Tax Rate (%) Corporate income tax in the United Kingdom 25 Corporate income tax in the Kingdom of the Netherlands 19, 25.8 Corporate income tax in the Republic of Cyprus 15 Corporate income tax in the Commonwealth of Australia 30 Corporate income tax in Canada 23 Corporate income tax in the United Mexican States 30 Corporate income tax in the Republic of Panama 25 Corporate income tax in the United States of America 21 Income tax in the People's Democratic Republic of Algeria - Corporate income tax 38, 19 - 80 - Petroleum income tax 20 - 70 Income tax in Sultanate of Oman - Corporate income tax 15 - Petroleum income tax 55, 80 Income tax in the United Arab Emirates - Corporate income tax 9 - Petroleum income tax in Abu Dhabi Emirate 25 - 78 Income tax in the Republic of Kazakhstan - Corporate income tax 30 - Income tax from the profit distribution 15 Corporate income tax in the Republic of Mozambique 32 Petroleum income tax in the Republic of Angola 50 * FutureTech Solar (Thailand) Co., Ltd. (FST), a subsidiary of the Group, has received promotional privileges from the Office of the Board of Investment (BOI) for its solar power business. Under these privileges, FST has received exemptions from certain taxes and duties as detailed in the certificate.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 95 Income tax expenses for the six-month periods ended 30 June comprised: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 2026 2025 2026 2025 Current income tax 989 766 31,843 25,699 Deferred income tax 44 (60) 1,441 (2,033) Total income tax expense 1,033 706 33,284 23,666 Separate financial information Unit: Million US Dollar Unit: Million Baht 2026 2025 2026 2025 Current income tax 327 205 10,543 6,872 Deferred income tax 23 2 718 55 Total income tax expense 350 207 11,261 6,927 The Group falls within the scope of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD). The Group has applied the exception for recognising and disclosing information about deferred tax assets and liabilities related to the Pillar Two income taxes. The Group operates in jurisdictions where these legislations have become effective since 1 January 20 24 . In this regard, the Group either has benefit from the “Transitional Safe Harbour” or has an effective tax rate above 15 %. As a result, the Group did not recognise any top -up tax expense arising from the Pillar Two rules for the period ended 30 June 2026.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 96 22 Commitments and contingent liabilities 22.1 Contractual commitments As at 30 June 2026 and 31 December 2025, the significant contractual commitments contracted but not recognised as liabilities are as follows: Consolidated financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Capital commitments 5,093 3,642 169,455 115,034 Other commitments 913 321 30,374 10,137 Total 6,006 3,963 199,829 125,171 Separate financial information Unit: Million US Dollar Unit: Million Baht 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Capital commitments 1,019 394 33,911 12,455 Other commitments 19 8 625 241 Total 1,038 402 34,536 12,696 22.2 Contingent liabilities As at 30 June 2026, the Company ha s contingent liabilities in the form of letters of guarantee with an amount equivalent to US Dollar 680.23 million (Baht 22,631.33 million) for the consolidated interim financial information (as at 31 December 2025: US Dollar 401.40 million (Baht 12,677.26 million)) and with an amount equivalent to US Dollar 332.32 million (Baht 11,056.45 million) for the separate interim financial
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 97 information (as at 31 December 2025: US Dollar 60.00 million (Baht 1,894.94 million)).
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 98 22.3 Commitments Commitment from the guarantee of debentures and loans of subsidiaries As at 30 June 2026, t he Company ha s a commitment to guarantee unsecured and unsubordinated capital debenture s of US Dollar 1,908.11 million (as at 31 December 2025 : US Dollar 1,908.11 million) and s enior guaranteed debentures with a bondholders’ representative amounting to Baht 12,000 million (as at 31 December 2025 : Baht 13,500 million) for PTTEP Treasury Center Company Limited (PTTEP TC), a subsidiary of the Company. As at 30 June 2026, the Company ha s a commitment to guarantee cross currency and in terest rate swap transaction s for PTTEP TC to swap Baht debenture to US Dollar with a total guaranteed amount of US Dollar 348.66 million (as at 31 December 2025: US Dollar 348.66 million) and to swap Pound Sterling loans to related parties to US Dollar with a total guaranteed amount of US Dollar 275.67 million (as at 31 December 2025: US Dollar 277.30 million). As at 30 June 2026, the Company has a commitment to guarantee senior debt financing agreements in the form of project finance for a subsidiary of M OZ LNG1 Holding Company Ltd (MOZ LNG 1 Holding) with a US Dollar 13,260 million (as at 31 December 2025 : US Dollar 14,900 million) facility, which is guaranteed by the Company based on the Group’s participating interest in MOZ LNG1 Holding of 8.5%, equivalent to US Dollar 1,127.10 million (as at 31 December 2025 : US Dollar 1,266.50 million). The Company has a commitment to guarantee PTTEP TC’s US Dollar loan agreement for revolving credit facilities with a financial institution. The total loan facility amounting to US Dollar 400 million. As at 30 June 2026 and 31 December 2025, there are unused credit facilities of US Dollar 400 million.
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PTT Exploration and Production Public Company Limited Condensed notes to the interim financial information (Unaudited) For the six-month period ended 30 June 2026 99 23 Events occurring after the reporting date On 17 July 2026, PTTEP Mozambique Area 1 Limited (PTTEP MZA 1), a subsidiary of the Group, acquired an 8.5% equity interest in Moz LNG1 HoldCo, Limitada (MOZ HoldCo) through the transfer of its 8.5% participating interest in the Golfinho-Atum Area under the Mozambique Area 1 Project to Moz LNG1 AssetCo, SU, Limitada (AssetCo), a subsidiary of MOZ HoldCo. The Group has classified its investment in MOZ HoldCo as an investment in an associate. On 31 July 2026, the Company’s Board of Directors approved an interim dividend payment for the first half-year operations of 2026 at the rate of Baht 4.50 per share. The Company will pay such dividend to the shareholders on 28 August 2026.