Slides
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Investor Presentation 21 May 2025
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This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. This presentation contains a number of forward-looking statements including, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. PTTGC has based these forward-looking statements on its views with respect to future events and financial performance. Actual financial performance of the entities described herein could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and PTTGC does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. Disclaimer 2
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Agenda 3 1 2 3 Business Overview Strategic execution Market outlook
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Agenda 4 1 2 3 Business Overview Strategic execution Market Outlook
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Leading Integrated Chemical Player with Global Reach 5 Competitiveness Thailand Largest Ethane Cracker & Petroleum Refining Capacity Petrochemical Capacity 14 MTA 4349 Local Sites Global Operation Sites 24 JV companies #1 FOR 6 CONSECUTIVE YEARS The only Thai company in chemicals sector 11 CONSECUTIVE YEARS A LIST: WATER SECURITY Diversification of performance chemicals portfolio with allnex acquisition Intermediates Polymers & Chemicals Bio & Circularity Performance Chemicals Upstream 1st Rating BBB
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6 GC Products portfolio groups Upstream Intermediates Polymers & Chemicals Bio & Circularity Performance Chemicals End used To be a Leading Global Chemical Company for Better Living Refining capacity of 280 KBD / Petrochemical Production Capacity of 14 MTA Diesel , LSFO PX , BZ Olefins EO , EG Phenol , Acetone , BPA PTA PO PE , PP , PS , PET , PVC Compound Ethanolamine Polyols Coating & Additives ▪ Liquid Resins & Additives (LRA) ▪ Power Coating Resins (PCR) ▪ Radcured Resins (RAD) ▪ Crosslinkers (XLR) ▪ IPDI, HDI, HDI Derivatives Engineering Plastic ▪ PA9T, HSBC Products Oleochemicals Bioplastics Post Consumer Recycled (PCR)
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Agenda 7 1 2 3 Business Overview Strategic execution Market Outlook
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8 Portfolio transformation: One of the early industry players to initiate restructuring Performance enhancement: 4,500 MB target committed prior to US tariff announcement On track for 4,600 MB performance uplift from discontinued businesses• US tariff increase has been put on hold • Elevated uncertainties driving the petrochemical industry remains Enhancement underway and target increased to 5,500 MB Deleveraging initiatives: committed and implemented Deploying asset light strategy with 30 THB billion target to be unlocked Priorities in 2025 Given our proactive actions, GC is better positioned to cushion the impact from the on-going uncertainties • Gas-based feedstock remains more competitive than naphtha • However, GC has the flexibility to optimize naphtha and LPG/propane as feedstock Long-term goals: 6 Pillars evolution journey Competitiveness
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9 Global economic outlook amid tariff policy uncertainties Worst Case 3.3 2.7 1.0 4.6 1.1 2.8 1.8 0.8 4.0 0.6 Global US EU China Japan Jan'25 Apr'25 Global GDP = 3.2 GDP growth 2025 (%) before and after Liberation Day Tariff Policy impact • Thailand : o GDP growth forecast cut to 1.4–1.5% (as of 10 Apr) o Chinese goods and U.S. raw materials may affect Thailand’s trade balance o BOT may cut interest rates to support growth • Global : o Higher product prices reducing consumer spending o Supply Chain shock and re-location o Slowdown investments o Developing countries may lose access to key markets IMF projects 3 scenarios as economic uncertainty escalated sharply Base Worst Best Global GDP growth 2.8% 2.3% 3.2% Global & China strategies • US imposes tariffs on some necessary goods from China • EU compromise with US • US launch full tariff and ban everything China goods • EU retaliate with US • Cold war between US & China China get tariff at reciprocal rate 34% Petrochemical Flow • China imports more from ME, SEA • US surplus grows & finding way to Asia Overcapacity worsens • Prices stabilize • SEA refocuses on local & intra- Asia demand Source: IMF
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10 US-China PE Trade Flows Potential Impact 1. US PE Exports to China (2.5 MT or 10% of global PE trades) will potential be replaced by other sources 2. US will seek alternative export destinations Direct impact is negligible as GC’s export to US is minimal GC's mitigations • Scenario analysis for various possible scenarios • Short-term and long- term mitigation plans Impact to customers that export to US/China Trade flow shifts Overall GDP slowdown Impact to GC from US tariff policy are mainly indirect impact GC’s US revenue is mainly from allnex’s US operation, which employs local supply chain and customers Potential impact from US tariff policy
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11 Closely monitor market actions and proactive strategize action plans Tariff War Room Production optimization Optimize Internal Efficiency Holistic optimization, enhancing competitiveness & operational excellence Logistics and services excellence Reducing operational costs to reinforce competitive advantage Proactive mitigation plans to reduce risks from tariff policy Maintain market share & Capture New Opportunities 48% Market share Market optimization & maintain market share • Lean inventory: Reduce inventory level • Strengthen trading business: • Collaborate with customers, introducing new products grades to match with market demands Explore market opportunities to gain share in SEA, India, Oceania 135 MB 2% -6% • Contract negotiation: Long-term contracts with strategic customers • Increase sales volume above plan 56 KT Enhanced market agility Collaboration with customers Note: Figures refer to polymers products
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12 Annualized target increased from 4,500 to 5,500 MB OPEX Saving Holistic Optimization Process optimization and sales management Portfolio transformation Other Enhancements Feedstock sourcing and commercial excellence Our actions 2025 Benefits to P/L (MB) 4,500 MB 5,500 MB 2025 Performance enhancements target increased 800 Q1 Q2 2H/2025 1,000 2,700
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US and TH assets sales currently in the negotiation with the potential buyer, expected closing by H2/2025 Portfolio transformation : Vencorex progress 10 Sep 2024 Reorganization accepted by French court 13 Impairment and provisions for restructuring fully booked in 2024 Vencorex US Vencorex TH Vencorex France Vencorex TDI • Reduction for fixed costs in Q1/25 after discontinuing HDI monomer unit • Sales of assets (e.g. HDI derivatives assets) completed • Vencorex France and Vencorex TDI entered into the Liquidation process on 13 May 13 May 2025 Court approved Vencorex to enter into liquidation proceedings (LJ) Reorganization process Sales process H2/2025 Expected completion of US & Thailand sales process • Approx. accounting gain from deconsolidation 30-40 MEUR in Q2/25
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14 Asset Light Strategy Asset light strategy to unlock up to THB 30bn from selected group of non-core assets Target Directions Timeline Prioritize capital allocation for core refining & petrochemical assets Deleveraging through proceeds from asset monetization • Target Debt/EBITDA <4x • Maintain investment grade credit ratings • Expected closing varies for each assets • Between H2/2025 - 2026 In line with PTT’s strategy for reshaping Petrochemical & Refining assets Re-allocate assets to buyers/partners with more alignment of business profile and cost of capital No impact on competitiveness and reliability of GC’s core assets
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15 SEA hub India hub • Resin market: 2M ton • Target market: 200kT • allnex‘s 3-Year CAGR : 7% • Resin market: 7M ton+ • Target market: 1,800kT • allnex’s 3-Year CAGR: 8% • Resin market: 1.4M ton • Target market: 500kT ▪ APAC is the largest and fastest growing region globally ▪ Hub model is being implemented these 3 locations in order to create scale efficiencies, reduce complexity, and support business growth & strengthen the positions. 8 KTA Phase 2 However, allnex is resilient against tariff policy through high localization and broad portfolio 18 KTA Phase 1 16 sites9 sites8 Sites APACEMEAAmericas Broad technology portfolio and diversified end-markets >90% local-to-local value chain as allnex has manufacturing footprint coverage to meet the market demand of broad range of end-uses Industrial Metal Specialty Coatings Auto Industrial Wood Packaging Decorative Marine • Solvent Borne • COD in Q4/2025 • Cross-linker • FID in Q1/2025 Tariff policy potential impact to 2025 growth New Long-term growth through capacity expansion China hub allnex’s resiliency as leading coating resins producer APAC supported by local production hubs Diversified footprints through 33 manufacturing sites • Q1/25 sales volume improved 3% QoQ, while weakened by -5% YoY, aligned with the economics uncertainty • GDP growth in 2025 to be closely monitored from tariff impact and its potential effect on customer demand
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Agenda 16 1 2 3 Business Overview Strategic execution Market Outlook
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17 China Feedstock and Chemical products import from US US-CHINA TRADE: US and China to dramatically cut reciprocal tariff rates for 90 days, signaling the first step in a de-escalation of trade tensions. China Finished products export to US 100% 57% 17% 13% 4% 4% 2% 0% 20% 40% 60% 80% 100% 0 10 20 30 40 50 Ethane Propane PE MEG Ethylene Naphtha Crude Total China Import (2024) Import from the US % of US import Source: S&P, CMA, ICIS | Note: 90-day tariff agreement between US-China effective on 14 May Source : UN Comtrade, China Custom, USITC, KKR Unit : MT % of China import from US 22% 19% 17% 17% 17% 13% 13% 13% 10% 0% 5% 10% 15% 20% 25% 0 20 40 60 80 100 120 Consumer Electronics Home Appliance Textiles and Clothing Optical/Medical Instruments Wood Product and Paper Construction/Traditional Machinery Electrical Equipment Exclude Semiconductor Clean Energy & Batteries Agriculture Product, Food and Beverage % China export to USBillion $ Majority Impact to Petrochemical Demand (BZ, C2 Chain) (BZ &C3 Chain) (PX, C3 Chain) (BZ, C2, C3 Chain) (C2, C3 Chain)(BZ, C2, C3 Chain) Consumer Electronics Home Appliance Textiles and Clothing Optical/Medical Instruments Wood Product and Paper Construction/Tradition al Machinery Electrical Equipment Exclude Semiconductor Clean Energy & Batteries Agriculture Product, Food and Beverage (C2, C3 Chain) China tariff on US imports Note: Tariffs on smartphone computer, and some other electronics from China were paused for short term (13 Apr) Temporary exclusions from US tariffs sectors Products Import Duty Previous Tariff 90-day Tariff 90-day duty + tariff Ethane 1.0% 125% 1.0% Propane 1.0% 125% 10% 11.0% PE 6.5% 125% 10% 16.5% MEG 5.5% 125% 10% 15.5% Ethylene 1.0% 125% 10% 11.0% Naphtha 0.0% 125% 10% 10.0% Crude 0.0% 135% 20% 20.0% Exemption
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86 60 80 100 120 140 Jan/16 Jul/16 Jan/17 Jul/17 Jan/18 Jul/18 Jan/19 Jul/19 Jan/20 Jul/20 Jan/21 Jul/21 Jan/22 Jul/22 Jan/23 Jul/23 Jan/24 Jul/24 Jan/25 USCONC=ECI (ECONOMIC) Apr3.3 2.8 5.0 6.5 0.9 0.1 2.52.8 1.8 4.0 6.2 0.8 0.6 1.8 3.0 1.7 4.0 6.3 1.2 0.6 1.6 3.3 2.7 4.6 6.5 1.0 1.1 2.9 0 1 2 3 4 5 6 7 World US China India Euro Area Japan Thailand GDP Yr 24 Yr 25 Yr 26 Previous rev. 18 Most of key agencies keep 2025 oil demand growth steady even US-China tariff agreement 90-Day, while EIA revised up from US. Tariffs’ effect on economic commodity prices Source : IMF (Apr’25 revision) IMF revised down 2025 world GDP forecast to 2.8% from 3.3%, citing trade tensions from uncertainty of US tariff A Global petroleum and chemicals prices plunge with oil amid tariffs Rising fears of tariffs dampened US consumer confidence to 4-year low, the consumer confidence index dropped 7.9 points to 86.0 in April C Source: Reuters US Tariff 75 85 95 105 115 125 Baseline 100 Brent Ethane Benzene HDPE D Source: Reuters, Indexed to 100 vs closing prices on 03 Jan’25 B 1.5 1.5 1.4 1.3 1.3 1.4 1.4 1.3 0.9 1.0 1.1 1.1 1.0 0.7 0.7 0.5 1 1.5 ม.ค.-25 ก.พ.-25 มี.ค.-25 เม.ย.-25 พ.ค.-25 2025 Global oil demand growth, mbd OPEC 4-year low Target at 5%
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• Concern over Trump’s policies, and mixed demand signals amid trade tariffs uncertainty • Increased production from OPEC+ and non-OPEC will lead to a longer oil supply 81 85 78 74 77 66 80 67-71 60 70 80 90 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 (F) 2024 2025 (F) Crude Dubai ($/bbl) Market Highlights Bullish Bearish 19Source: PTTGC as of 13 May 25 Price Forecast More OPEC+ production from unwinding voluntary cuts (2.2 mb/d) from Apr 25 onwards. Supply growth outpaces demand growth led by Non-OPEC supply growth (US, Canada, Brazil, Norway, Guyana). China will roll out further stimulus packages to counter economic challenges, maintain GDP target at 5%. 19 U.S. tariffs would suppress global GDP growth. While many countries are in active negotiations Ongoing geopolitics tension but see some sign of de-escalation as Trump focus on both political, commercial. VLSFO Gasoline 95 Diesel 10 ppm Refinery crack spread ($/bbl) Bullish Bearish 17.9 13.1 11.1 11.4 7.7 11.5 13.4 9-12 23.1 14.8 13.6 15.1 14.3 15.0 16.6 13-16 13.5 9.9 13.6 12.9 7.8 10.7 12.5 8-11 5 7 9 11 13 15 17 19 21 23 25 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 (F) . 2024 2025 (F) Increasing of refinery closures in 2025 as compliance with long-term sustainability plans: China independences (-445 KBD), US. (-432 KBD) and EU (-366 KBD). The ramp-up of Nigeria's new 650 KBD Dangote refinery is a major impact of global gasoline supply. VLSFO Gasoline 95 Diesel 10 ppm VLSFO demand in the Mediterranean drops amid new IMO 0.1% sulfur limit, impacting about 5% of world demand. US and China slash tariffs 90 days support Gasoil and VLSFO demand
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20 • Producers control supply by production cut to secure margins • Challenge on uncertain US-China slash Tariffs after 90 days 20 Paraxylene Chain, $/T 341 351 271 187 203 211 288 220- 240 80 76 80 71 66 74 77 70 - 80 69 64 76 87 59 78 74 70 - 80 490 491 427 345 346 363 438 360 - 400 0 200 400 600 800 1000 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 (F)Column2 2024 2025 (F) PET Resin Margin PTA Margin PX - Naphtha J BZ PH BPA PX PTA PET Market Highlights Bullish Bearish Bullish Bearish Additional PTA & PET capacities in 2025 ≈ 5 MTA (4% of world cap) and 3 MTA (8 % of world cap) respectively pressure PTA, PET margins BZ market is supported by PX controlled supply (Co-product) & less pygas on Crackers control supply Tariffs lead to Economic slowdown limit consumer spending pressure PX chain demand and margins Additional effective PH capacity ≈ 0.7 MTA including China (0.5 MTA) and S. Korea (0.2 MTA) pressure Phenol margins in 2025 Source: PTTGC as of 13 May 25 Price Forecast Expected PTA & PET margins will improve on producers in China cut production ≈ 10-20% and non- economics plants closed Likely more BZ surplus in SEA due to S.Korea divert BZ export volume from US to China ≈ 0.5 MTA on US tariffs impact Some PX Producers in S.Korea, Taiwan, China and Indonesia cut production ≈ 10-20% since late 2Q24 to 1H25 to secure margins Less Gasoline Cost Push on more economic driven alternative reformate feedstock to Gasoline Blending Market Addition BZ downstream SM ≈ 1 MTA mainly in China delay start up from 1Q25 to 4Q25 Benzene Chain, $/T 314 362 315 245 217 138 309 150 - 170 168 296 285 186 173 219 234 210 - 220 219 188 200 257 266 274 216 230 - 240 701 846 800 688 656 631 759 590 - 630 0 200 400 600 800 1000 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 (F)Column1 2024 2025 (F) BZ - Naphtha J P2F PH P2F BPA Heavy turnaround in NEA and MDE to limit supply at least through 1H 2025. PHN margin is improved by reducing BZ price significantly Supportive from US and China agree to slash tariffs 90 days Supportive from US and China agree to slash tariffs 90 days
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Ongoing trade talk between US – China may cause concern over garment export from China to US. Source: PTTGC as of 13 May 25 Price Forecast 21 Propylene Chain, $/T Bullish Bearish PP PO Supply in SEA will remain relatively low due to production cut and maintenance in 1H 25 Around 6 MTA of additional PP capacity in 2025 mainly in China could add more pressure to the market Production cut is likely to continue in 2025 together with rationalization capacity in US Additional capacity around 1 MTA in China targets to S/U in 2025 overcapacity is expected to keep margins under pressure 354 364 338 316 320 380 339 355-385 1041 1052 1007 968 978 950 1014 945-975 539 521 534 550 542 489 538 485-515 200 600 1000 1400 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 (F) . 2024 2025 (F) HDPE-Naphtha J HDPE Price MEG Price PE Ethylene Chain, $/T Market Highlights Bullish Bearish MEG • Olefins chain continued to be pressured by new capacities. • United States announced worldwide tariff caused uncertainty and volatility. 358 368 345 328 365 385 359 375 - 415 1,044 1,055 1,017 1,015 1,023 955 1,033 970 - 1000 1013 1005 1014 978 924 882 1,001 910-930 200 600 1000 1400 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 (F) . 2024 2025 (F) PP-Naphtha J PP Price PO Price Uncertainty on tariff is expected to shift trade flow and have a negative impact on demand, with various industries such as automotive likely to be affected Heavy turnaround continue in US / MDE / China to limit supply at least through 1H 2025. New MEG capacities around 1 MTA to be added in 2025 will pressure market. Commercial production cut in SEA focusing on 1Q 25. Possibility to extend the cut. Around 5 MTA of additional PE capacity , mostly in China planned in 2025 to assert more supply pressure. Uncertainty over tariff remain as trade talk between US-China situation on development. Additional Chinese stimulus packages to support domestic consumption including PE demand. PE spread is improved by recent decrease in naphtha price.
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22 Q&A
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Thank You PTT Global Chemical Public Company Limited 555/1 Energy Complex, Building A, 18th Floor, Vibhavadi Rangsit Road, Chatuchak, Chatuchak, Bangkok 10900 Thailand Tel: +66(0) 2265-8400 Fax: +66(0) 2265-8500 www.pttgcgroup.com Paween Chiasakul Division Manager – IR Paween.c@pttgcgroup.com T. 662-265-8665 Tanuntorn Karunyatorn IR Analyst Tanuntorn.k@pttgcgroup.com T. 662-265-8533 Sanjira Chotipintu IR Analyst Sanjira.c@pttgcgroup.com T. 662-265-8534 Supanan Sethakorn IR Analyst Supanan.S@pttgcgroup.com
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24 Appendix
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11,054 2,663 5,377 Q1/2024 Q4/2024 Q1/2025 Unit: MB Adjusted EBITDA contribution 25 Adjusted EBITDA*Revenue Operating Profit and NI Unit: MB 155,187 132,372 132,547 Q1/2024 Q4/2024 Q1/2025 Unit: MB 78% QoQ Note: * Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss), NRV, Gain/(loss) from commodity hedging, and Extra item 0% QoQ 46% QoQ -606 -11,738 -2,567 703 -7,373 -3,980 -14,000 -12,000 -10,000 -8,000 -6,000 -4,000 -2,000 0 2,0 00 Q1/2024 Q4/2024 Q1/2025 NI Operating Profit Recovery in GC's Q1/2025 EBITDA bolstered by Olefins and Polymers business, despite the decrease in Aromatics business -15% YoY >-200% YoY >-200% YoY -51% YoY Refineries Chain Aromatics Olefins Chain Bio & Circularity Performance Chemicals Service and Others 102% QoQ Q4’24 main extra items; • Stock Gain(Loss) &NRV 941 • Commodity Hedging 253 • FX Gain/(Loss) (1,033) • VCR provisions (1,455) • PTTAC provisions (2,836) 39% 28% 19% 1% 17% -4% 11,054 MB Q1/2024 49% 24% 0% 3% 25% -1% 2,663 MB Q4/2024 24% -1% 45% 4% 31% -3% 5,377 MB Q1/2025 Q1’25 main extra items; • Stock Gain(Loss) &NRV (55) • Commodity Hedging 809 • FX Gain/(Loss) 441
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26 Contribution by market chains Q4/24 Q1/25 GRM ($/bbl) 3.7 3.4 PX Spread 228 218 BZ Spread 283 234 HDPE 968 978 HDPE-Naphtha 316 320 Phenol Spread 186 174 PTA Spread 69 66 Market Prices/Spread ($/ton) Refinery Aromatics Chain Olefin Chain Green Performance Chemicals Others MEG Spread 55 47 Adjusted EBITDA contribution by market chains Unit: MB Q4/2024 Q1/2025 Refinery Aromatics Chain Olefin Chain 49% 24% 0% 3% 25% -1% 2,663 MB 24% -1% 45% 4% 31% -3% 5,377 MB
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2,663 (22) (709) 2,430 140 980 (106) 5,377 Adjusted EBITDA Q4'24 REF ARO Chain OLE Chain Bio and Circularity Performance Chemicals Services & Others Adjusted EBITDA Q1'25 27 Adjusted EBITDA Q1/25 vs Q4/24 1 2 3 4 5 GRM slightly decreased from 3.7 $/BBL in Q4/24 to 3.4$/BBL in Q1/25. The utilization rate increased by 8% as there was no preventive shutdown in this quarter. 1. Aromatics : BTX P2F decreased from 186$/ton to 156$/ton, mainly due to lower Benzene spread and sales volume. The utilization rate was down by 7% to align with weak demand. 2. Phenol : Lower Phenol spread mainly attributed to overcapacity and economic uncertainties from US tariff 1. Lower feedstock cost from increased Ethane intake in Q1/25, leading to better PE spread 2. No retroactive charge on Ethane cost during this quarter Lower operating costs from effective cost control allnex : Improving sale volumes, largely driven by business seasonality Vencorex : Less loss contribution as a result of business restructuring Refinery Aromatics chain Olefins chain Bio & Circularity Performance Chemicals 1 2 3 4 5 Unit: MB
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28 Q1/2024 Q4/2024 Q1/2025 YoY % + /(-) QoQ % + /(-) 1 Sales Revenue 155,187 132,372 132,547 -15% 0% 2 Feedstock cost (117,919) (104,096) (102,373) 13% 2% 3 Product to Feed Margin 37,268 28,276 30,174 -19% 7% 4 Variable Cost (12,409) (12,015) (12,107) 2% -1% 5 Fixed OH (8,335) (8,043) (6,926) 17% 14% 6 Stock Gain/(Loss) and NRV 359 941 (55) -115% -106% 7 Gain/(Loss) on Commodity Hedging 107 253 809 >200% >200% 8 Other Revenue 1,404 1,574 1,299 -7% -17% 9 SG&A Expenses (6,965) (7,200) (7,007) -1% 3% 10 EBITDA 11,429 3,786 6,187 -46% 63% 11 Depreciation & Amortization (7,280) (7,971) (6,767) 7% 15% 12 EBIT 4,149 (4,185) (580) -114% 86% 13 Net financial expense (2,554) (2,680) (2,266) 11% 15% 14 FX Gain(Loss) (1,577) (1,033) 441 128% 143% 15 Share of gain/(loss) from investment (323) (725) (138) 57% 81% 16 Corporate Income Tax (291) 1,163 (264) 9% -123% 17 Net Profit/(Loss) after Tax (exclude impairment/restructuring cost) (596) (7,460) (2,807) <-200% 62% Net Profit/(loss) attributable to: 19 Non-controlling interests 10 (12) (47) <-200% <-200% 20 Net Profit/(Loss) after Tax (exclude impairment/restructuring cost) (606) (7,448) (2,761) <-200% 63% 21 Loss (Reversal) from business restructuring - (4,290) 194 - 105% 22 Net Profit/(Loss) after Tax to Owners of the Company (include impairment/resturcuring cost) (606) (11,738) (2,567) <-200% 78% 23 Adjusted EBITDA 1 11,054 2,663 5,377 -51% 102% Unit : MBNote: * Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss), NRV and Extra item Consolidated Statement of Income
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29 Notes: 1. Group annual maintenance ~ 400 M.USD (including allnex) 2. Other projects such as IT & digital, new office facility, upgrade/modify production unit etc 3. allnex expansion & growth Capex based on capex plan, including committed and uncommitted projects 4. FX assumption for USD/EURO is 1.10 for allnex CAPEX plan Committed Capex to support GC’s sustainable growth GC Group (Consolidated entities) Total Estimated Annual CAPEX (M.USD) 2025-2029 2025 2026 2027 2028 2029 1) Committed CAPEX - GC group excl. allnex 183 163 20 - - - 2) Olefins Feedstock Security Enhancement Project 112 - 42 - - 70 3) allnex expansion & growth Capex 657 126 141 160 138 92 total 952 289 203 160 138 162
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222 269 222 267 268 258 266 255 123 119 125 129 33 37 Strong Financial Position Total Long Term Debt THB 226 Bn As of 31 Mar 2025 56%44% Interest Breakdown Fixed Float 64% 36% Currency Breakdown THB USD & Others Cash & Cash equivalents + Current investments in financial Assets CA PPE Liab. IBD Share Holder’s EquityNon CA Avg. Loan Life 5.99 yrs Avg. Cost of Debts 3.86 % Avg. Cost of Debts (after CCS) 3.72% Baa3 (Negative) BBB (Negative Watch) BBB- (Stable) Net IBD to Equity Net IBD to Adj.EBITDA* 0.82 0.84 0.82 Q1/24 Q4/24 Q1/25 6.18 7.08 8.34 Q1/24 Q4/24 Q1/25 Dec 31, 2024 THB 646 Bn 30 Statements of Financial Position Key financial Ratios Long Term Debt Portfolio Commit to maintain “Investment-grade Credit Rating” Note: *Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss), NRV , gain/(loss) from commodity hedging and Extra item i.e. gain from bond buyback AA- (TH) (Stable) International Ratings National Ratings Mar 31, 2025 THB 650 Bn
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Operating Performance analysis - Upstream Diesel, LSFO, PX, BZ, Ethylene, Propylene 9,047 2,147 3,019 11% 3% 4% -9% 1% 11% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Q1'24 Q4'24 Q1'25 Adj.EBITDA Adj EBITDA margin 31 ▪ Crude prices rose due to China's stimulus measures and extended OPEC cuts. However, the key refined products spread drop due to more supply in the region with sluggish demand post -winter. ▪ BTX P2F declined, mainly due to decreasing BZ spread decreased mainly from slow economic recovery which caused sluggish downstream market. ▪ Ethane intake portion increased from 33% in Q4/2024 up to 38% in Q1/2025. ▪ One-time: retroactively charged by increasing 3% of Ethane cost in Q4/2024. 14.8 15.6 14.8 0.0 5.0 10.0 15.0 20.0 Q1'24 Q4'24 Q1'25 Refinery (Mbbl) Aromatics & Olefins (Kton) Adjusted EBITDA Unit : MB Upstream Market highlights QoQ: Sales volume Unit : Mbbl & Kton 1,360 Key products/spread Q1/24 Q4/24 Q1/25 Dubai ($/bbl) Diesel - Dubai ($/bbl) (10 ppm) LSFO-Dubai ($/bbl) Crude premium ($/bbl) Market GRM ($/bbl) 81.3 23.1 13.6 7 8.3 73.6 15.1 12.9 6 3.7 76.9 14.3 7.8 5 3.4 PX spread ($/ton) BZ spread ($/ton) BTX P2F ($/ton)** 350 323 311 228 283 186 218 234 156 Naphtha ($/ton) Ethylene price ($/ton) Propylene price ($/ton) 686 974 919 652 936 839 658 936 869 Hedging gain/(loss) (mb) Stock gain/(loss) net NRV (mb) 107 273 253 268 809 (286) 1,269 1,360 1,266
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EO, EG, Phenol, BPA, Acetone, PTA, PO, AN, MMA ▪ Lower phenol spread mainly attributed from phenol price that was declining more than a decrease in feedstock cost (BZ) plus subtle demand from economic uncertainties. This was partly offset with increasing BPA spread as a result of lower feedstock cost. ▪ Slight decrease in PTA spread from higher feedstock cost (PX). ▪ Decreasing MEG spread resulting from dropping demand especially from PET Bottles Manufacturers in China. In this quarter, GC has moved forward the T/A period from mid-March to the end of February for MEG plant, resulting in lower MEG utilization rate. Operating Performance analysis - Intermediates 32 695 757 696 Q1/2024 Q4/2024 Q1/2025 207 -15 -206(143) - -1% 0% -1% -8% -6% -4% -2% 0% 2% 4% 6% 8% Q1/2024 Q4/2024 Q1/2025 Adj.EBITDA Profit sharings from JVs Adj EBITDA margin Market Highlights QoQ: Adjusted EBITDA & Equity Incomes Unit : MB Sales volume Unit : Kton Intermediates Note: excludes sales volume of JV’s companies Phenol spread = Phenol-0.878 BZ-0.474 Propylene+0.616 Acetone BPA spread = BPA-0.853 Phenol-0.273 Acetone MEG spread = MEG ASP – 0.5285Ethylene PTA spread = PTA-0.67PX PO spread = PO-Propylene Key products/spread Q1/24 Q4/24 Q1/25 PHN spread ($/ton) BPA spread ($/ton) MEG ASP spread ($/ton) PTA spread ($/ton) PO spread ($/ton) 168 219 24 80 94 186 257 55 69 132 174 266 47 66 55 Note : JV companies represented profit sharing from PTTAC which was fully impaired in Q3/2024
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PE, PP, PS, PET, PVC, Compound, Polyols Operating Performance analysis – Polymers & Chemicals 279 -201 814 -87 -318 0.32 1% -1% 3% -8% -6% -4% -2% 0% 2% 4% -600 -400 -200 0 200 400 600 800 1,000 Q1'24 Q4'24 Q1'25 Adj.EBITDA Profit sharings from JVs Adj EBITDA margin 612 620 608 Q1'24 Q4'24 Q1'25 Adjusted EBITDA & equity incomes Unit : MB Sales volume Unit : Kton ▪ Overall PE price slightly increased QoQ, mainly due to the supply shortage of LLDPE , while the PE price premium remained stable QoQ. ▪ New supply of PE in Vietnam, US Tariff, and economic recession concerns still put the pressure on Polymers demand and price. ▪ PET price decreased QoQ as demand remained weak, with additional supply expected through 2025. Market highlights QoQ: 33 Polymers & Chemicals Note: excludes sales volume of JV’s companies Key products/spread Q1/24 Q4/24 Q1/25 PE price ($/ton) HDPE-Ethylene ($/ton) PP price ($/ton) PET price ($/ton) Polyols price ($/ton) 1,052 67 1,044 913 1,278 1,056 32 1,015 817 1,240 1,064 42 1,023 796 1,189 Note: JV companies include HMC, AVT, RGL, and DynaChisso
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Oleochemicals, Bioplastics, Recycle Resins ▪ The slowdown in demand for Methyl Ester (ME) is primarily due to the reduction in the biodiesel mandatory from B7 to B5 since 21 November 2024. However, ME demand received some support in Q1/2025 from increased logistics activity during the New Year holiday, while the government maintained the high-speed diesel price at 33 Baht per liter. ▪ The Fatty Alcohol (FA) P2F declined in Q1/2025 due to weaker demand. Also, CPKO price, a main feedstock, increased due to flooding and unfavorable weather conditions in Malaysia, which disrupted harvesting and led to a supply shortage. Operating Performance analysis – Bio & Circularity 34 104 94 86 Q1'24 Q4'24 Q1'25 92 69 209 -418 -510 -322 2% 1% 4% -100% -80% -60% -40% -20% 0% 20% Q1'24 Q4'24 Q1'25 -600 -560 -520 -480 -440 -400 -360 -320 -280 -240 -200 -160 -120 -80 -40 0 40 80 120 160 200 240 280 320 360 400 440 480 520 560 600 640 680 720 760 800 840 880 920 960 1000 Adjusted EBITDA & equity incomes Unit : MB Sales volume Unit : Kton Market highlights: Bio & Circularity Note: excludes sales volume of JV’s companies ME spread = ME -1.02(CPO) FA spread = FA - 1.2(CPKO ) Key products/spread Q4/23 Q4/24 Q1/25 ME spread (THB/kg) FA spread ($/ton) 4.3 343 4.3 379 4.3 253 Note: JV companies include EOUK, NatureWorks, PTTMCC, TEX, GKBI
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Coating resins & Additives Engineering Plastic Market highlights: • Vencorex: Lower loss due to cost improvement from discontinuing production of Vencorex France’s HDI monomer unit under the restructuring plan • Allnex: o QoQ: Sales volume increased by 3%, largely driven by the business seasonality (i.e. EMEA, AMER, and Australia), as well as the normal destocking effects seen at year-end o YoY: Sales volume were 5% lower as all regions showed a decline, especially EMEA region due to the economic uncertainty starting in 2025 Operating Performance analysis – Performance Chemicals 35 197 183 188 8 4 5 2 102 202 302 Q1'24 Q4'24 Q1'25 VCR allnex Performance Chemicals Adjusted EBITDA & equity incomes Unit : MB Sales volume (allnex & Vencorex) Unit : Kton Note: JV companies include KGC, Entis, Synthese 2,604 1,733 2,279 -739 -1,069 -634 178 -28 451,865 664 1,644 8% 3% 8% -50% -40% -30% -20% -10% 0% -1,500 -1,000 -500 - 500 1,000 1,500 2,000 2,500 3,000 Q1'24 Q4'24 Q1'25 ▪ Profit sharing from JV&Other ▪ VCR ▪ Allnex
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End-segment Q1/24 Q4/24 Q1/25 Industrial Metal 16% 17% 16% Infrastructure & Construction 31% 30% 30% Mobility & Transportation 29% 28% 29% Packaging & Consumer Goods 24% 25% 25% Q1/25 allnex Performance analysis 36 Revenue Development Revenue breakdown by segment 3.3% 2.8% 0.4% Unit : MEUR Industrial Coatings 0.8% -4.7% 0.9% QoQ YoY 564.8 548.0 Sales Q1'24 Price/mix Volume FX Sales Q1'25 514.5 548.0 Sales Q4'24 Price/mix Volume FX Sales Q1'25
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37 Maintenance Shutdown Schedule 2025 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Cracker Oleflex HDPE LDPE LLDPE I LLDPE II PS MEG EA Phenol I Phenol II BPA REF Refinery Aromatics I Aromatics II GCO PO 2025 OLEPOLMEGPHNARO Plant 11 OLE2/1 8 90 44 3 HDPE 2 15 HDPE 1 12 20 92 13 10 18 53 50
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Upstream - Refinery Gross Refinery Margin $/BBL Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 FY23 FY24 Market GRM 8.3 3.2 3.5 3.7 3.4 9.4 4.7 Stock Gain (Loss) net NRV (0.07) 0.4 (4.6) 1.1 (0.8) (1.2) (0.8) Hedging Gain (Loss) 0.2 1.3 .0.5 0.2 0.6 (0.2) 0.6 Accounting GRM 8.5 5.0 (0.7) 5.0 3.2 8.0 4.5 38 Utilization rate Refinery Intake (KBD) Refinery Sales Volume (KBD) Utilization rate 8% 7% 6% 4% 9% 9% 6% 14% 11% 11% 20% 13% 12% 14% 65% 63% 63% 64% 63% 66% 64% 3% 4% 7% 7% 8% 4% 5%10% 15% 13% 5% 6% 10% 11% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 2023 2024 Others Fuel Oil Diesel Jet Naphtha+Ref. 151.4 152.0 151.0 138.0 148.9 151.3 148.1 33.9 37.9 33.8 36.1 31.4 28.7 35.4 185.4 189.9 184.7 174.1 180.3 180.0 183.5 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 2023 2024 Crude Condenstate Residue Utilization rate 104% 105% 104% 95% 103% 104% 102% 1 62 186 181 169 176 177 175
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Aromatics BTX P2F Upstream - Aromatics $/ton Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 2023 2024 BTX P2F 311 220 241 186 156 259 234 Stock Gain (Loss) net NRV 16 3 (38) (16) 5 1 (9) Hedging Gain (Loss) (2) (1) - 8 4 (1) 1 Accounting P2F 325 222 202 178 167 259 226 39 Aromatics Intake (KTons) Aromatics Sales Volume (KTons) Utilization rate 1,149 1,385 1,276 1,286 1,088 4,321 5,096 260 224 288 295 292 1,408 1,068 1,409 1,609 1,565 1,581 1,380 5,729 6,164 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 202 2024 Condensate Other Feed Utilization rate Other Feedstocks are Reformate, Pygas, and Heavy Naphtha 83% 89% 90% 91% 84% 83% 88% 410 497 517 484 450 1,909 1,907 0% 0% 0% 0% 7% 0% 0%0% 0% 0% 0% 0% 0% 0%4% 9% 12% 5% 0% 9% 8% 73% 66% 64% 72% 68% 66% 68% 25% 25% 24% 23% 24% 25% 24% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 202 2024 Other By-Products Condensate Residue Naphtha Group PX Group BZ Group
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Upstream - Olefins Olefins Intake (KTons) Olefins Sales Volume (KTons) 40 36% 31% 31% 33% 38% 35% 32% 34% 45% 40% 33% 30% 36% 37% 30% 24% 29% 33% 31% 28% 29% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 202 2024 Ethane Other Gas Naphtha Utilization rate 1,191 1,224 1,198 1,226 1,164 4,646 4,839 83% 84% 79% 82% 80% 80% 82% 759 777 748 775 731 2,958 3,059 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 202 2024
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Intermediates Polymers & Chemicals 41 Intermediates Sales Volume (KTons) Polymers & Chemicals Sales Volume (KTons) 15% 15% 15% 16% 15% 14% 15% 15% 13% 14% 13% 14% 13% 14% 10% 10% 9% 11% 10% 10% 10% 6% 4% 6% 5% 5% 6% 5%4% 6% 6% 4% 4% 5% 5% 50% 52% 50% 51% 52% 52% 51% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 202 2024 EO-Based PHN Acetone BPA PO PTA 695 744 757 757 696 2,602 2,952 41% 40% 41% 37% 39% 40% 40% 29% 29% 28% 33% 31% 31% 30% 14% 15% 13% 13% 15% 14% 14% 3% 2% 3% 2% 1% 2% 2% 13% 13% 15% 15% 14% 13% 14% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 202 2024 HDPE LLDPE LDPE PS Others 612 586 567 620 608 2,331 2,385
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42 Utilization rate Utilization rate Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 2023 2024 Upstream - Refinery 104% 105% 104% 95% 103% 104% 102% - Aromatics 83% 89% 90% 91% 84% 83% 88% - Olefins 83% 84% 79% 82% 80% 80% 82% Intermediates - MEG 46% 78% 92% 92% 48% 47% 78% - Phenol 108% 107% 111% 112% 103% 99% 110% - BPA 118% 79% 120% 95% 99% 100% 103% - PO 50% 90% 76% 58% 48% 60% 69% Polymers & Chemicals HDPE 115% 111% 98% 101% 111% 106% 106% LLDPE 103% 85% 89% 109% 102% 97% 96% LDPE 111% 117% 114% 102% 122% 106% 111% Total PE 109% 101% 97% 104% 109% 102% 103%
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Product Unit Y. 2022 [Actual] Y. 2023 [Actual] Y. 2024 [Actual] Y. 2025 [Forecast] Change Y. 25 - 24 Crude : Dubai $/bbl 96.3 82.1 79.6 68 - 73 Petroleum Product : ▪ Diesel 10 PPM - Dubai $/bbl 39 24.3 16.6 13 - 16 ▪ VLSFO - Dubai $/bbl 22.5 11.5 12.5 7 - 10 Aromatics Chain : ▪ PX – Naphtha $/Ton 319 389 288 200 – 220 ▪ PTA Margin $/Ton 106 85 77 70 – 80 ▪ PET Margin $/Ton 175 89 74 70 – 80 ▪ BZ – Naphtha $/Ton 244 248 309 190 – 210 ▪ Phenol Margin $/Ton 357 252 234 200 - 220 Olefins Chain : ▪ HDPE $/Ton 1203 1044 1014 945 -975 ▪ HDPE – Naphtha $/Ton 418 394 339 335 - 365 Market Prices 43 Source: Platts, ICIS, GC’s Price Forecast as of 17 Apr 2025 Highlight Y. 25 ▪ Uncertainty from U.S. sanction [+] ▪ Risk in geometry of global trade [-] ▪ Risk in geometry of global trade [-] ▪ New Refinery capacity [-] ▪ China Stimulus [+] ▪ Control supply [+] ▪ China Stimulus [+] ▪ New Capacity [-] ▪ Risk in geometry of global trade [-]