Slides
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Q4/2025 Analyst Meeting 13 February 2026
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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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To be a Leading Global Chemical Company for Better Living VISION MISSION SHAREHOLDER We deliver fair and sustainable returns for shareholders through excellent and trustworthy performance management. SOCIETY We integrate social and environmental responsibility into our business practices to achieve sustainable development. BUSINESS PARTNER We provide the best solutions to business partners through innovative products and services. EMPLOYEE We build an adaptable organization that promotes learning through a happy work environment and actively develop its employees’ capabilities so as to equip them for new challenges, foster their dedication to and engagement with the organization, and achieve professional excellence. Vision and Mission 3
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Agenda Strategic execution Financial highlights Market outlook 1 2 3 4
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Agenda Strategic execution Financial highlights Market outlook 1 2 3 5
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6 U.S. intervention Key external challenges shaping the 2026 landscape • Removal of Export VAT rebate: from 1 April 2026, reducing export competitiveness on basic chemicals product such as methanol, MEG, butanediol, PVC and Polyol • Naphtha consumption tax: Chinese naphtha suppliers will be subjected to domestic consumption tax of naphtha (Unofficial) Geopolitics/ Multipolar world • Geopolitical risks and rising Tariff and policy uncertainty • Production disruption due to tension remains in Russia- Ukraine , US-Iran, US-Venezuela, US- Greenland and Middle East, driving the volatility in naphtha price Ethylene rationalization announcements • Q4/2025 made by key producers in UK, South Korea, and Singapore total to 2.8 MT • Further increasing confirmed rationalized capacity Multipolar world Rationalization • US intervention in Venezuela is one of the factors causing oil price volatility • Heavy crude output increased leading to the higher consumption of Naphtha for blending, potentially keeping Naphtha prices high relative to crude oil New policies introduced by China Rationalization has shown progress with further market discipline policies introduced Petrochemical Industry Geopolitics continues to add uncertainties to economic recovery Macroeconomic เช็ค ในจีน Bank ลด Credit Fac. Petchem Gradual Demand recovery • Global demand supported by stimulus and sustainability trend
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2025: Successful implementation of our strategy to strengthen our competitiveness and performance enhancement Structural cost reductions • Most of GC’s costs reduction are structural in nature: • Digitalization and automation enhance efficiency while supporting optimized staffing level • allnex: Helix execution, and footprint optimization Enhancement and Holistic Optimization • Feedstock sourcing : optimize upstream product yield value by new feedstock sourcing • MFBT : Focusing on Industrial Platform products, leveraging expertise of local office to penetrate markets that deliver high returns Deleveraging GC deleveraging (Perpetual bonds issuance, Extended trade credit, and Asset monetization) has reduced interest expense in 2025 with further reduction in 2026. (Annualized: P/L basis 5,000 MB, C/F basis 2,500 MB) Portfolio Transformation Holistic Optimization Performance Enhancement Vencorex • Vencorex France / TDI entered liquidation phase • Vencorex US and TH shares transfer is expected to be completed in Q2/2026. Approved by EGM for the disposal of tank and terminal businesses o Sale of Shares in Thai Tank Terminal Co., Ltd. o Jetty and Tank Farm Storage Business Restructuring Performance Enhancement through costs savings and enhancement initiatives of 7,300 MB Deleveraging Total debt reduced by THB 90 bn since Q3/2024, resulting in a reduction in financial expenses by THB 3 bn in 2025 (P/L basis) คชจ ทางการเงิน 2026 per PL Actual 2025 :7,709 to BG 2026 : 5,527 7 Asset Light Strategy PTTAC • Awarded the contractors for site closure 7
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8 Our focus continues on driving 2026 performance through key controllable levers Enhancing performance through key controllable levers Long-term strategic pillars External market factors 2026 began with multiple market dynamics driving volatility in the market. 2026 YTD market conditions in key BUs against 2025: Refinery spread remains healthy driven by geopolitical uncertainties and lack of new supply Aromatics driven by upstream supply shortage, and limited new PX supply expected in 2026 Olefins Remains pressured by new supply in 2026 PE price has been driven by low crude price and break-level level of PE- Naphtha spread. 2026 Performance 1 2 3 Pillar • Maximize production and Optimize feedstock costs • Performance Enhancement • Holistic optimization with Digitalization Allnex strategic actions Portfolio transformation Pillar Pillar
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9 Portfolio Transformation Additional business considered for restructuring GC Polyols PTT MCC • Polyols business is under impact from supply capacity addition in China • GC is in progress of evaluating restructuring / implementation plan within 2026 • PBS under pressured from global macro economic. Demand for bio-plastics has slowed down in medium term, while long-term growth remains in place. Impairment of approx. THB 2.8 bn in Q4/2025 PTT Asahi (PTTAC) Vencorex Asset Light: Non-core asset monetization On-going activities • Progressed as plan on site closure process, having selected the contractor for site closure • Transfer of Vencorex US and TH shares expected in Q2/2026 Reversal of Impairment and Provision cost of approx. THB 2.7 bn in Q4/2025 Transform portfolio towards core competitive business • EGM (18 Nov 25) approved the Shares Disposal & Tank and Terminal Assets Disposal • Expected closing and booking of gain on sales of THB 2.3 bn in 2026 • Remaining monetization transactions up to 20,000 MB expected to be materialized in 2026 2026 Uplift: 2,400 MB
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66 77 Refinery production vol. 10 Maximize production and Optimize feedstock costs Feedstock optimization 2025 S/D Plan • OLE2/1 Q2/25 • REF Q4/25 • ARO2 Q4/25 Olefins feedstock sourcing from US • Ethane import on progress for COD in 2029 • Land reclamation permit obtained. EPC Contractor has commenced the land reclamation activities. • Final stages for awarding EPC Contractor for Tank & Terminal facilities. Expected finalization in Q1/26. Volume increased from 2025 • Ethane volume in 2026 to increase from 1.8 MT to ~1.9 MT Increased production volume with planned turnaround less than 2025 8.0 8.7 Petrochemicals production vol. 2025 2026 16% 8% Unit: Mbbl Unit: MTA Maximize production Update Ethane agreement revision with PTT • Effective from Jan 2026 until end of existing ethane agreement in 2030 • Pricing reverted to pre-Single pool policy, with approx. 3% reduction in Ethane cost (800 MB impact in 2025 from Single pool policy) • In line with the change in PTT GSP’s cost structure from Single Pool model to Utility model 2026 S/D Plan • OLE4 Q1/26 • ARO1 Q3/26 ใช้ S/D plan แทน MT S/D 2026 Uplift: 3,000 MB Note: S/D of SPM during Feb-Jul’26, with no impact to REF’s utilization rate
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ออ ออ 11 Performance enhancement Unit :THB Million GC Group cost reduction Vencorex cost reduction Interest reduction Enhancement 7,300 MB Interest reduction 5,000 2,300 3,100 Carry ปีหน้า 2026 325 : pro-rate = 325 *4 FY26 : saving 1270 depreciation ส่วนใหญ่ Ole จากกี่ปี 560 interests perp & ไม่นับข้อ 5 extended useful life 2,000 3,000 (actual) 2026 Uplift: 4,000 MB 16,400 10,400 2026 Performance Enhancement • Supply chain optimization, Sales & Marketing, Plant Optimization, Costs savings • Most of GC’s costs reduction are structural in nature: Digitalization and automation enhance efficiency while supporting optimized staffing level Holistic Optimization: 300 MUSD target in 2030 • Feedstock sourcing : optimize upstream product yield value by new feedstock sourcing • MFBT : Focusing on Industrial Platform products, leveraging expertise of local office to penetrate markets that deliver high returns คชจ ทางการเงิน 2026 Actual 2025 :7,709 to BG 2026 : 5,527 Deleveraging GC deleveraging (Perpetual bonds issuance, Extended trade credit, and Asset monetization) has reduced interest expense in 2025. The initiatives will further deliver 2,000 MB interest reduction in 2026. 2026 Uplift: 2,000 MB 2026 Uplift: 4,000 MB
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Target of Plant-wide Optimization THB 170 million+ in 2030 Smart Plant Smart Sales & marketing Smart Work Process Digital Use Case (Example): Plant-wide Optimization 2027 - 2030 2025 Real-time Optimization @Refinery (Platformer unit) Roll-out Real-time opt. to HCU unit Digital Strategy • Enhance competitiveness: 1,200 MB in 2030 • Increase productivity: 20% • Roll-out to subsidiaries • New Businesses Goals • Use Plant-wide model & optimizer to optimize overall complex rather than local plant optimizers • Apply digital & AI for more automated synchronization between scheduling plan and Plant-wide model to ensure all time maximize margin Overall Optimization Level As-Is To-be Planning & Scheduling Local plant optimization Accurate near Real-time Automate Manual Lag time Local optimization Plant-wide optimization Local plant optimization Local plant optimization Plant-wide optimization Planning & Scheduling All time maximize margin Y25 Y26 Y27 Y28 Y29 Y30 OLE Wide ARO WideREF Wide Intermediate Wide Downstream Wide OLE wide RTO OLE2/2 RTO OLE4 RTO ARO1 RTO ARO2 RTO PLF DRTO CDU RTO UT RTO OLE1 RTO OLE2/1 RTO OLE3 RTO REF Wide RTOHCU DRTO Est. Benefit 50 MB/Y PLF DRTO 38 MB/Y (IL4) Y25 HCU DRTO Est. Benefit 17 MB/Y ARO wide Est. Benefit 35 MB/Y Est. Benefit 15 MB/YREF wide Est. Benefit 50 MB/Y Benefit 38 MB/Y 2026 Olefins Plant-wide Refinery Plant-wide Aromatics Plant-wide Intermediate & Downstream Plant-wide Est. benefit 65+ MB/Y Roadmap Digital Technology as part of Holistic Optimization 12
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Battery • Develop additives/binders inside battery cells to enhance battery efficiency and capacity • Successfully delivered the first commercial project allnex 2026 growth plan Base & Volume recovery • Base business growth will be in line with GDP Growth 2025 Base & Volume recovery Growth Initiatives 2026 748 KT India hub ~50 KTA target capacity • Phase 1 Solvent Borne (18 KTA) COD in Q1/26 • Phase 1.5 Cross-linker (8 KTA) COD in Q2/26 China hub: 2026 production is expected to ramp up by 5% after Phase1.5 relocation completion Zhuhai JV plant: capacity expansion in Zhuhai JV COD Q1/26 Additives • Coating additives share gain • Tire additives share gain • Leverage additives capabilities to enter new market: Cosmetics, Nail polish Composites • Unique technologies in gelcoat and RAD composites materials • Drive Gelcoats demand globally • Additional volume from LRA production capacity rebuilt (NEXUS project) • Focus on selected technologies and share-gain • Expand market share in MEA Asia Pacific Growth PlatformAmerica Europe Target to achieve Double-digit growth YoY 2026 Volume growth target ~2-3% ~2-3% 2026: EBITDA margins % improvement by 1-2% from volume growth and cost reduction Anish K. Taneja appointed CEO of allnex effective Jan 1, 2026, bringing strong international leadership and a proven track record in driving strategic growth and transformation to support allnex’s global and innovation ambitions. 13
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14 Innovation & Sustainability Adjacencies and M&A4 2 3 Global Business Services (GBS) : established GBS center in Guadalajara, Mexico, will fully reduce SG&A costs by 7 MEUR in 2027, with 3 MEUR savings already realized in 2025 and another 3 MEUR in 2026. The new center in Mexico will enhance service delivery, streamline operations, and improve responsiveness for customers in the Americas. Project Helix: Driven by initiatives, reducing structural costs by 40 MEUR 2 2 2 25 25 2027 2026 2025 >10 Mexico Latvia Malaysia Anish K. Taneja appointed CEO of allnex effective Jan 1, 2026, bringing strong international leadership and a proven track record in driving strategic growth and transformation to support allnex’s global and innovation ambitions. Cultivate pipeline in white space under Project houses • Develop M&A pipeline fits with regional / business needs • To be ready for execution Operational Excellences: Structural cost reduction and drive operational efficiency 4 Engines 1 Growth in key markets, while maintaining selective capex plan Unit: MEUR allnex 4 Engines areas of focus
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15 Controllable actions 2025 Operating Loss Volume increase Holistic optimization & enhancements Reduction in VCR expenses Allnex strategic actions Interest reduction Gain from Tank & Terminal disposal* Market spread 2026 P/L 3,000 4,000 ~2,300 ~2,400 Unit: MB • Refinery: No turnaround • Olefins: 1. Higher ethane feedstock and 2. increased utilization ~2,000 ~1,000 Cost reduction Key levers to drive 2026 earnings
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Agenda Strategic execution Financial highlights Market outlook 1 2 3 16
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Q4/25 Performance Overview 17 132,372 126,836 92,143 604,045 484,907 Q4/2024 Q3/2025 Q4/2025 FY2024 FY2025 Unit: MB Adjusted EBITDA contribution Adjusted EBITDA*Revenue Operating Profit and NI Unit: MB Note: * Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss),NRV, Gain/(loss) from commodity hedging, and Extra item 2,663 5,147 4,239 31,766 20,846 Q4/2024 Q3/2025 Q4/2025 FY2024 FY2025 -27% QoQ-30% YoY 59% YoY -18% QoQ -34%YTD-20% YTD Adjusted EBITDA FY24 Adjusted EBITDA FY25 Refineries Aromatic Chain Olefin Chain Green Performance Chemicals Others Unit: MB -11,738 -2,916 -5,502 -29,811 -14,600 -7,373 -3,345 -5,020 -9,431 -15,750 Q4/2024 Q3/2025 Q4/2025 FY2024 FY2025 NI Operating Profit +53% YoY -89% QoQ Q4’25 key extra items; • Stock gain/loss &NRV (1,464) • Commodity Hedging 146 • FX Gain/(Loss) 1,148 • Net Impairment &provision (162) +51% YTD -67% YTD-50% QoQ+32% YoY FY’25 key extra items; • Stock gain/loss &NRV (3,519) • Commodity Hedging 1,115 • FX Gain/(Loss) 1,968 • Bond buy back 589 • Net Impairment & provision 1,519 27% 26%26% 1% 22% -2% 31,766 MB 40% 2%21% 4% 33% 0% 20,846 MB
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Contribution by market chains FY24 FY25 GRM ($/bbl) 4.7 5.3 PX Spread 304 246 BZ Spread 324 161 HDPE 1,014 927 HDPE-Naphtha 340 331 Phenol Spread 233 166 PTA Spread 76 65 Market Prices/Spread ($/ton) MEG Spread 29 66 Adjusted EBITDA contribution by market chains Unit: MB FY24 FY25 Refinery Aromatics Chain Olefin Chain 18 27% 26%26% 1% 22% -2% 31,766 MB 40% 2%21% 4% 33% 0% 20,846 MB Refineries Aromatic Chain Olefin Chain Green Performance Chemicals Others
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5,147 (650) 140 98 (118) (368) (8) 4,239 Adjusted EBITDA Q3'25 REF ARO Chain OLE Chain Bio and Circularity Performance Chemicals Services & Others Adjusted EBITDA Q4'25 Adjusted EBITDA Q3/25 vs Q4/25 simplified 1 2 3 4 5 Lower sales volume from planned maintenance S/D while GRM improved from 5.6$/BBL to 7.9$/BBL in Q4/25 supported by lower crude prices and stronger diesel spreads amid winter demand and Russian crude sanctions. 1. Aromatics : BTX P2F increased to 193$/ton from 179$/ton on stronger PX spreads amid stable PTA demand and lower condensate costs, while BZ spreads declined due to weak downstream demand from U.S. tax tariffs. 2. Phenol : Improved spreads following capacity cuts in Japan, together with maintenance S/D of phenol plants in China and Korea. A slight improvement was driven by increased ethane feedstock intake and a higher PE premium, supported by growing sales volumes. Spreads for both ME and FA declined due to softer demand and buyer shutdowns during extended holiday periods. 1. allnex : Sales volume softened, reflecting normal business seasonality. 2. Vencorex : Lower loss contribution after the deconsolidation in May’25. Refinery Aromatics chain Olefins chain Bio & Circularity Performance Chemicals 1 2 3 4 5 Unit: MB ปรับ font 19
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Note: 1. *NCI in Q4’25 was net with NCI impairment from business restructuring 2. Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss), NRV and Extra item Consolidated Statement of Income 20 Q4/2024 Q3/2025 Q4/2025 YoY % + /(-) QoQ % + /(-) 2024 2025 YoY % + /(-) 1 Sales Revenue 132,372 126,836 92,143 -30% -27% 604,045 484,907 -20% 2 Feedstock cost (104,096) (98,003) (66,859) 36% 32% (467,275) (372,487) 20% 3 Product to Feed Margin 28,276 28,833 25,284 -11% -12% 136,770 112,420 -18% 4 Variable Cost (12,015) (11,751) (8,974) 25% 24% (49,994) (42,851) 14% 5 Fixed OH (8,043) (6,554) (6,544) 19% 0% (32,591) (26,354) 19% 6 Stock Gain/(Loss) and NRV 941 (109) (1,464) <-200% <-200% (2,457) (3,519) -43% 7 Gain/(Loss) on Commodity Hedging 253 192 146 -42% -24% 1,467 1,115 -24% 8 Other Revenue 1,574 1,674 1,220 -22% -27% 9,286 5,090 -45% 9 SG&A Expenses (7,200) (6,748) (7,008) 3% -4% (28,726) (27,596) 4% 10 EBITDA 3,786 5,537 2,660 -30% -52% 33,755 18,305 -46% 11 Depreciation & Amortization (7,971) (7,094) (6,640) 17% 6% (30,995) (27,289) 12% 12 EBIT (4,185) (1,557) (3,980) 5% -156% 2,760 (8,984) <-200% 13 Net financial expense (2,680) (2,003) (1,137) 58% 43% (10,863) (7,709) 29% 14 FX Gain(Loss) (1,033) 9 1,148 >200% >200% 383 1,968 >200% 15 Share of gain/(loss) from investment (725) (273) (844) -16% <-200% (1,462) (1,272) 13% 16 Corporate Income Tax 1,163 769 (647) -156% -184% 969 (577) -160% 17 Net Profit/(Loss) after Tax (exclude impairment/restructuring cost) (7,460) (3,055) (5,460) 27% -79% (8,213) (16,574) -102% Net Profit/(loss) attributable to: 18 Non-controlling interests (12) (152) (120) <-200% 21% -204 -455 -123% 19 Net Profit/(Loss) after Tax (exclude impairment/restructuring cost) (7,448) (2,903) (5,340) 28% -84% (8,009) (16,119) -101% 20 Impairment/Net impact from business restructuring (4,291) (13) (162) 96% <-200% (21,801) 1,519 107% 21 Net Profit/(Loss) after Tax to Owners of the Company (include impairment/resturcuring cost) (11,738) (2,916) (5,502) 53% -89% (29,811) (14,600) 51% 22 Adjusted EBITDA 2,663 5,147 4,239 59% -18% 31,766 20,846 -34% Unit : Million Baht 1 2
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Strong Financial Position 21 222 269 215 296 268 229 257 156 29 24 123 119 114 131 33 21 As of 31 Dec 2025 78% 22% Interest Breakdown Fixed Float 57%43% Currency Breakdown THB USD & Others Cash & Cash equivalents + Current investments in financial Assets CA PPE Liab. IBD Shareholder’s EquityNon CA Avg. Loan Life 5.75 yrs Avg. Cost of Debts 3.47% Avg. Cost of Debts (after CCS) 3.30% Baa3 (Negative) BBB- (Stable) BBB- (Stable) Net IBD to Equity Net IBD to Adj.EBITDA* 0.84 0.50 0.54 Q4/24 Q3/25 Q4/25 7.08 7.70 7.62 Q4/24 Q3/25 Q4/25 Dec 31, 2024 THB 646 Bn 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 Dec 31, 2025 THB 606 Bn National Ratings Fin. lease
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Agenda Strategic execution Financial highlights Market outlook 1 2 3 22
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23 Key global factors to watch in 2026 เพิ่ม factor ที่มีผลต่อ ราคา เช่น geopolitics US POLICY GEOPOLITICAL RISKS FACTOR TO WATCH: CHINA’S FIVE-YEAR PLAN (Mar’26) Source: SCB EIC, CMA, Wood Mackenzie CHINA ECONOMIC POLICY 1. TAX REBATES: China to Cut Export Tax Rebates to Ease Global Trade Tensions 2. NAPHTHA CONSUMPTION TAX: China plans to impose a consumption tax on domestic naphtha within 2026 Middle East Conflict2 Russia-Ukraine war1 Donroe Doctrine 3 • US-Latin America • US-Canada • US-Greenland • US-Iran tension • Israel-Iran tension • Saudi-UAE (Yemen) conflict PROLONGED GLOBAL CONFLICTS • Unstable tariff rates would raise uncertainty continues to weigh on the global economy • The U.S. has significantly scaled back its support for NATO and Europe, particularly its stance on defending Ukraine, which could heighten uncertainty surrounding the resolution of the Russia – Ukraine war. • Japan–China diplomatic tensions over Taiwan security issues could lead to more severe trade disruptions if the conflict escalates. Refinery Integrated, 66% Standalone Mix Feed, 26% Standalone Light Feed, 8% • The export tax rebate rate: from 9-13% 0% • Effective date: 1 April 2026. Implication: Leading to higher prices for Chinese products in global markets. Implication: ¼ of Chinese crackers will have more cost pressure that may accelerate rationalization. • The US may impose transshipment tariffs as well as product- specific tariffs across multiple categories, such as semiconductors, critical minerals, and commercial aircraft. • Supreme Court ruling on the Trump administration’s authority under IEEPA to impose retaliatory tariffs. • US midterm elections (Nov 2026): if Democrats secure a majority in the U.S. House of Representatives, policy uncertainty under the Trump administration would increase. • Fed independence: Supreme Court is considering whether the president can remove Fed’s officers directly. TARIFF RISKS GLOBAL CAPACITY RATIONALIZATION ANTI-INVOLUTION policies may rationalize inefficient assets to ease supply surplus. Integration status of China’s petrochemical plants Announcement Timeline of Cracker Rationalization (Closing Year)
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• Supply cuts progress to rebalance the surplus olefins market • Rationalization of key producers in Europe and Asia to reduce net capacity surplus from 11.9 to 3.6 MTA through 2030 24 Source: Nov’25 - Q1 27 - Q1 28 TotalEnergies 550 KTA Idemitsu 413 KTA ENEOS 443 KTA Exxon 900 KTA Exxon/Shell 830 KTA Maruzen 525 KTA UK Ethylene Rationalization 2026 – 2030 (MTA) as of Feb 2026 Additional closures ease supply surplus amid new capacity wave in 2026- 2030 Rationalization (Closing Year) Announced on (As of Feb 2026) ใส่ LOGO บริษัท และธง Source: ICIS, Platts, CMA GC as of Feb 26 New rationalization Nov’25 UK 830 KTA 2026 Dec’25 Singapore 900 KTA 2026 S. Korea 1,100 KTA 2027 - 2029 Check label รูปอะไร as of เมื่อไหร่ Ethylene Rationalization 2026 – 2030 (MTA) (As of Nov 2025, R.1) 29.1 7.5 3.5 2.1 0.9 0.5 43.6 -31.7 11.9 -2.0 -1.6 -2.4 -1.4 -0.9 3.6 New Capacity Rationalization (As of Feb 2026) (As of Feb 2026) Source: ICIS, Platts, CMA GC as of Jan 26 UPDATED UPDATED UPDATED UPDATED UPDATED
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Prices trend down on strong supply, geopolitical risks remain Crude Dubai ($/bbl) Market Highlights Bullish Bearish Expect China’s five-year plan will support household consumption and rebalancing the economy, and Chinese SPR filling will absorb some supply surplus. Global demand uncertainty as global economic growth remains well below pre-pandemic average Strong supply from OPEC+ and non-OPEC+ has created a market surplus of more than 2 mb/d, with an additional volume from Venezuela. High geopolitical uncertainty, driven by US sanction threats against Iran and Russia, is likely to provide price support through 2026. 25Source: ICIS, PLATTS, CMA, PTTGC price forecast as of 26 Jan 2026 77 67 70 64 64-68 69 62-67 60 70 80 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 (F) 2025 2026 (F) 7.7 11.5 10.3 15.7 8-11 11.3 8-11 14.3 15.8 18.7 24.5 18-21 18.3 16-19 7.8 11.0 6.7 4.4 4-7 7.5 6-9 0 5 10 15 20 25 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 (F) . 2025 2026 (F) Refinery crack spread ($/bbl) Bullish Bearish Net refining capacity expects to rise 0.7 MBD YoY in 2026 (Additions: +0.9 MBD from India, China & Indonesia/ Closures: -0.2 MBD from US) IMO emission control rules drive VLSFO demand down in 2025, trend to continue in 2026 Drone strikes on Russian refineries by Ukraine have reduced massive gasoil supply and could continue into 2026 Unplanned shutdown at key refineries in Nigeria, US, Malaysia, and Indonesia during Q4’25 impact CDU: 1.4 MBD VLSFO Gasoline 95 Gasoil 10 ppm Net refinery closures in 2025-2026, largely in the US and Northwest Europe, which CDU capacity loss of ~0.7 MBD in 2025 & ~0.2 MBD in 2026 China may lift clean product export quotas to 42–50 MMT in 2026, from ~42 MMT in 2025, on EV penetration and LNG trucking growth.
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203 232 251 266 340-350 238 290-310 66 74 61 59 60-70 65 65-7559 68 61 67 70-80 64 70-80346 374 373 391 470-500 367 425-465 0 200 400 600 800 1,000 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 (F) . 2025 2026 (F) PET Resin Margin PTA Margin PX - Naphtha J 26 Aromatics margin was supported from more China PTA export demand to India amid less PX new capacity in 2026 Paraxylene Chain, $/T BZ PH BPA PX PTA PET Bullish Bearish Bullish Bearish Additional PTA & PET capacities in 2025 ≈ 12 MTA and 1 MTA respectively pressure PTA, PET margins US tariffs lead to economic slowdown pressure PX chain demand & margins Additional BPA capacities ~ 0.6 MTA from China (0.5 MTA) and South Korea (0.1 MTA) pressure BPA margins in 2026 S. Korea & Europe SM rationalization leads to diverting excess BZ supply to Asia persist in 2026 Persistent slow textile demand through 2026 Additional BZ new capacities ~ 2.8 MTA from China (1.8 MTA), ME (0.6 MTA), India (0.4 MTA) pressure BZ margins in 2026 Benzene Chain, $/T Production cut is likely to continue in 2026 with rationalization PH capacity in Japan (0.2 MTA) in Oct-25 and Singapore (0.3 MTA) in Jan-26 Less additional PX new capacity ~ 0.9 MTA from China (0.5 MTA) & India (0.4 MTA), China’s Yulong PX 3.0 MTA delays from 2026 to 2027 BZ downstream new capacities ≈ SM (1.9 MTA) & PH (0.9 MTA) support spread BZ Market Highlights S.Korea & China restructuring petrochemical business reduce over-capacity in PTA and PET industries Styrene prices hike as unplanned shutdown SM 1.7 MTA in ME in Q1’26 and plant closure SM 0.7 MTA in Netherlands Additional PH capacities ~ 0.9 MTA from China (0.5 MTA), India (0.2 MTA), South Korea (0.2 MTA) pressure PH margins in 2026 Additional PET capacities ~ 1.1 MTA from China in 2026 lower than 2025 ~ 3.3 MTA leading to support PET margin 217 150 137 102 180-190 152 150-160 173 208 132 152 150-160 166 155-165 266 310 299 253 240-250 288 215-225 656 668 568 507 570-600 606 520-550 0 200 400 600 800 1,000 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 (F) . 2025 2026 (F) BZ - Naphtha J P2F PH P2F BPA Upd ate Upd ate Upd ate Upd ate More China PTA export to India after withdrawing BIS PTA License since Nov-25 China aims to reduce over-capacity in PTA and PET industries Source: ICIS, PLATTS, CMA, PTTGC price forecast as of 26 Jan 2026 Additional PTA capacities ~ 6.5 MTA from China (5.4 MTA) and India (1.1 MTA) in 2026 High BZ price from supply disruption in Europe after Germany’s BZ producer 0.2 MTA announcing bankrupt High BZ prices from supply disruption in Europe due to crackers closure, reduced operating rate and BZ plant bankrupt
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27 Propylene Chain, $/T Bullish Bearish PP PO Persistent production cut and the global rationalization mainly in US and Europe expect to continue in 2026 PE Ethylene Chain, $/T Bearish MEG Olefins chains continue pressure from ongoing oversupply, eyes on rationalization pace Additional capacities in 2026 ~ 1.3 MTA mainly in China amid sluggish demand pressure PO margins Producers in ME and NEA reintroduce commercial T/A that will help stabilize the price until at least Q1’26. Additional capacities ~ 2 MTA focusing in China are planned for starting up throughout the year Market Highlights 320 363 332 308 295 - 325 331 310 - 340 978 939 920 871 835 - 865 927 850 – 880 542 510 521 466 425 - 455 509 425 - 455 200 600 1,000 1,400 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 (F) . 2025 2026 (F) HDPE-Naphtha J HDPE Price MEG Price 365 384 335 304 300 - 310 348 320 - 340 1,023 960 924 868 855 - 875 944 870 - 890924 893 883 923 950 - 970 906 910 - 930 200 600 1,000 1,400 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 (F) . 2025 2026 (F) PP-Naphtha J PP Price PO Price Pressure from increased inflows from key low- cost producers (ME and US) New massive capacity built, led by China since 2025 PE plants cut run and commercial S/D to help easing supply constrain Some market is under restructuring plan, with local producers may reduce capacity Ongoing global trade conflicts and geopolitical tensions are adding uncertainty to the demand recovery A large influx of new PP capacity in 2026, mainly from China, exerts additional pressure Persistent ample supply amid sluggish demand continued to weigh on PP market price PP plants cut run and commercial S/D to control supply and support overall market sentiment Source: ICIS, PLATTS, CMA, PTTGC price forecast as of 26 Jan 2026 China is anticipated to roll out a stimulus package in early spring 26 to support rising demand Bullish China export tax rebate for polyol effective 1 Apr’26 support PO demand in Q1’26
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Q&A 28
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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 Taviras Kositbunterng VP- Corporate finance and IR Taviras.k@pttgcgroup.com Paween Chiasakul Division Manager – IR Paween.c@pttgcgroup.com Tanuntorn Karunyatorn IR Analyst Tanuntorn.k@pttgcgroup.com Sanjira Chotipintu IR Analyst Sanjira.c@pttgcgroup.com Supanan Sethakorn IR Analyst Supanan.S@pttgcgroup.com T. 662-265-8145 / 8146
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Appendix 30
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Operating Performance analysis - Upstream Diesel, LSFO, PX, BZ, Ethylene, Propylene 31 ▪ Refinery performance declined due to a planned maintenance shutdown in Q4 2025, while crude oil prices fell amid increased supply from OPEC and non-OPEC producers. Meanwhile, key refined product spreads improved, supported by winter demand and sanctions on Russian crude. ▪ Better BTX P2F, mainly due to an increase in PX spread driven by stable demand growth from PTA producers, together with declining condensate feedstock cost. This improvement was partially offset by a narrowing BZ spread, resulting from excess capacity and weak downstream demand caused by U.S. tariffs. ▪ Lower Naphtha feedstock prices following the drop in crude oil price ▪ Ethylene spread declined as a result of the supply surplus in the market. ▪ Propylene spread increased due to the supply shortage. ▪ Higher Ethane consumption from 32% in Q3/25 to 44% in Q4/25 15.6 16.4 9.6 64.0 58.2 13.6 13.2 11.3 53.0 49.3 0.0 20.0 40.0 60.0 80.0 Q4'24 Q3'25 Q4'25 2024 2025Refinery (Mbbl) Aromatics & Olefins (Kton) Adjusted EBITDA Unit : MB Upstream Market highlights QoQ:Sales volume Unit : Mbbl & Kton Key products/spread Q4/24 Q3/25 Q4/25 Dubai ($/bbl) Diesel - Dubai ($/bbl) (10 ppm) LSFO-Dubai ($/bbl) Crude premium ($/bbl) Market GRM ($/bbl) 73.6 15.1 12.9 5.6 3.7 70.1 18.7 6.7 5.3 5.6 63.8 24.5 4.4 4.5 7.9 PX spread ($/ton) BZ spread ($/ton) BTX P2F ($/ton) 228 283 186 251 136 179 275 113 193 Naphtha ($/ton) Ethylene price ($/ton) Propylene price ($/ton) 652 936 839 588 820 755 564 735 767 2024 2025 79.6 16.7 12.5 6.7 4.7 69.4 18.3 7.5 4.9 5.3 304 324 239 246 161 176 674 963 864 596 839 795 2,147 1,071 714 20,154 7,484 3% 2% 2% 6% 3% -4% 6% 0 5,000 10,000 15,000 20,000 25,000 Q4'24 Q3'25 Q4'25 FY'24 FY'25 Adj.EBITDA Adj EBITDA margin Check EBITDA Q4/25 and FY25
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EO, EG, Phenol, BPA, Acetone, PTA, PO, ACN, MMA ▪ Phenol spreads improved following capacity cuts in Japan, together with maintenance shutdowns of phenol plants in China and Korea. ▪ Diminishing MEG spread mostly pressured by excess capacity and weak downstream demand. ▪ PTA spreads weakened due to capacity additions in China after India lifted BIS controls on Chinese PTA in Nov 2025, along with slow demand recovery for downstream products such as PET. ▪ In this quarter, GC had planned S/D of PTA and BPA plants, causing the sales volume to be lower. Operating Performance analysis - Intermediates 32 757 753 673 2,952 2,779 Q4'24 Q3'25 Q4'25 FY'24 FY'25 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 Q4/24 Q3/25 Q4/25 PHN spread ($/ton) BPA spread ($/ton) MEG ASP spread ($/ton) PTA spread ($/ton) PO spread ($/ton) 186 257 55 71 133 132 299 87 61 128 152 276 77 59 156 2024 2025 233 216 29 76 137 166 288 66 65 111 -15 169 -17 1,523 -286 0% 1% 0% 2% 0 -8% -6% -4% -2% 0% 2% 4% 6% 8% Q4'24 Q3'25 Q4'25 FY'24 FY'25 Adj.EBITDA Adj EBITDA margin Font เล็กไป
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PE, PP, PS, PET, PVC, Compound, Polyols Operating Performance analysis – Polymers & Chemicals 620 566 605 2,385 2,408 Q4'24 Q3'25 Q4'25 2024 2025 Adjusted EBITDA & equity incomes Unit : MB Sales volume Unit : Kton ▪ PE demand remained weak due to the economic uncertainty and inflation that reduced consumer spending, led to the high inventory levels in the market ▪ PET market is under pressure from persistent oversupply, seasonal slowdown and China’s subdued economic outlook. Market highlights QoQ: 33 Polymers & Chemicals Note: Not include sales volume of JV’s companies i.e. HMC, AVT, RGL and DynaChisso Key products/spread Q4/24 Q3/25 Q4/25 AVG PE price ($/ton) HDPE-Ethylene ($/ton) PP price ($/ton) PET price ($/ton) Polyols price ($/ton) 1,056 32 1,015 817 1,240 991 100 924 774 1,134 928 136 868 752 1,153 Q2’23 Q3’23 Normalized Adj’ EBITDA 1,531 2,565 Adjustments: Exclude off-spec products sales related to Q2’22 warehouse incident) N/A Unit : MB ปรับ tone ของ PE อ่านแล้วดูแย่มาก 2024 2025 1,074 51 1,033 877 1,277 998 89 944 773 1,147 -201 1,686 1,904 3,300 5,985 -318 -156 -498 -273 -655 -1% 8% 10% 3% 7% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Q4'24 Q3'25 Q4'25 2024 2025Adj.EBITDA Profit sharings from JVs Adj EBITDA margin
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69 280 161 352 766 -510 -389 -471 -1,368 -1,380 1% 6% 4% 2% 4% -100% -80% -60% -40% -20% 0% 20% Q4'24 Q3'25 Q4'25 FY'24 FY'25 -1520 -1480 -1440 -1400 -1360 -1320 -1280 -1240 -1200 -1160 -1120 -1080 -1040 -1000 -960 -920 -880 -840 -800 -760 -720 -680 -640 -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 Adj.EBITDA Profit sharings from JVs Adj EBITDA margin Oleochemicals, Bioplastics, Recycle Resins ▪ The slowdown in Methyl Ester (ME) demand was mainly due to flooding in southern Thailand in November and a decrease in Thai and foreign tourists, while the government maintained the biodiesel mandate at B5. ▪ The Fatty Alcohol (FA) P2F declined in Q4/2025, primarily due to buyer shutdowns during Golden Week and Diwali, raw material price volatility limiting purchases to immediate needs, and softer European demand following the EUDR postponement. Operating Performance analysis – Bio & Circularity 34 94 88 87 392 352 Q4'24 Q3'25 Q4'25 FY'24 FY'25 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 Q4/24 Q3/25 Q4/25 ME spread (THB/kg) FA spread ($/ton) 4.3 379 4.3 448 4.2 265 2022 2023 3.4 514 4.3 434 JV companies include EOUK, NatureWorks, PTTMCC, TEX, GKBI 2024 2025 4.3 341 4.3 342
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performance Q1/24 Q4/24 Q1/25 Adj.EBITDA (MEUR) 78 45 62 Adj.EBITDA margin 14% 9% 11% Sales Vol. (Kton) 197 183 188 Coating resins & Additives Engineering Plastic Market highlights: • Allnex: o QoQ: This was mainly attributed to the business seasonality, particularly in EMEA and AMER where demand typically soften during holiday period ,as well as the normal destocking effects seen at year-end o YoY: allnex experienced a 2% drop in sales volume from the same quarter last year, primarily due to demand impacted by economic slowdown. • Vencorex: Vencorex group improved YoY and QoQ , resulting from the restructuring among the group; the liquidation of Vencorex France and Vencorex TDI and the ongoing share-sale process of Vencorex U.S. and Vencorex Thailand. Operating Performance analysis – Performance Chemicals 35 183 189 179 780 7484 2 2 27.8 11.6 2 502 1002 Q4'24 Q3'25 Q4'25 2024 2025 VCR allnex Performance Chemicals Adjusted EBITDA & equity incomes Unit : MB Sales volume (allnex & Vencorex) Unit : Kton 2022 Q1/23 Q2/23 Q3/23 Q4/23 2023 EBITDA (MEUR) 317 62 61 68 56 247 EBITDA margin 12% 10% 10% 12% 11% 11% Sales Vol. (Kton) 796 191 191 193 179 754 To split VCR/allnex Note: JV companies include KGC, Entis, Synthese Note Adj.EBITDA reported by allnex (adjusted for non-recurring items) performance Q2/23 Q1/24 Q2/24 Q3/24 Q4/24 Adj.EBITDA (MEUR) 61 78 81 69 45 Adj.EBITDA margin 10% 14% 14% 12% 9% Sales Vol. (Kton) 191 197 204 195 183 2022 2023 2024 317 247 272 12% 11% 12% 796 754 780 ขอดู breakdown loss ของ Vencorex ด้วยนะ ว่าท าไมยัง loss เยอะ + outlook Q4 & 2026 1,733 2,290 1,681 9,852 8,714 -1,069 -405 -165 -2,906 -1,654 -28 -9 8 -107 -45 3% 10% 9% 8% 9% -50% -40% -30% -20% -10% 0% 10% -4,200 -3,200 -2,200 -1,200 -200 800 1,800 2,800 3,800 Q4'24 Q3'25 Q4'25 2024 2025 Allnex VCR Profit sharings from JVs Adj.EBITDA Adj EBITDA margin Add vencorex volume?
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performance Q4/23 Q3/24 Q4/24 Adj.EBITDA (MEUR) 56 69 45 Adj.EBITDA margin 11% 12% 9% Sales Vol. (Kton) 179 195 183 End-segment Q4/24 Q3/25 Q4/25 Industrial Metal 17% 17% 16% Infrastructure & Construction 30% 30% 29% Mobility & Transportation 28% 29% 29% Packaging & Consumer Goods 25% 24% 26% Q4/25 allnex Performance analysis Revenue Development End-segment Q2/23 Q2/24 18% 16% 17% 31% 31% 31% 28% 29% 27% 23% 24% 25% 2022 2023 317 247 12% 11% 796 754 Revenue breakdown by segment -2.8% -5.3% 0.2% Unit : MEUR Industrial Coatings Note Adj.EBITDA reported by allnex (adjusted for non-recurring items) End-segment Q1/23 Q2/2 3 Q4/2 3 Q2/24 Q3/24 18% 18% 16% 16% 17% 17% 31% 31% 32% 31% 31% 31% 27% 28% 28% 29% 27% 28% 23% 23% 24% 24% 25% 24% -3.8% -2.2% -5.1% QoQ YoY Performance summary End-segment Q4/23 Q3/24 Q4/24 16% 17% 17% 32% 31% 30% 28% 28% 28% 24% 24% 25% Q1/24 Q4/24 Q1/25 16% 17% 16% 31% 30% 30% 29% 28% 29% 24% 25% 25% 36 End-segment Q2/24 Q1/25 Q2/25 17% 16% 16% 31% 30% 30% 27% 29% 29% 25% 25% 25% TBU 514.5 457.1 Sales Q4'24 Price/mix Volume FX Sales Q4'25 496.2 457.1 Sales Q3'25 Price/mix Volume FX Sales Q4'25
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Maintenance Shutdown Schedule 2026 37 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 REFRefinery Aromatics I Aromatics II GCOPO 2026 OLEPOLMEGPHNARO Plant 11 OLE 4 24 43 10 15 HDPE 2 12 29 30 20 41 15 HDPE 1 12 21 26
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Upstream - Refinery Gross Refinery Margin Utilization rate 179.4179.9 171.6 $/BBL Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 FY24 FY25 Market GRM 8.3 3.2 3.5 3.7 3.4 5.3 5.6 7.9 4.7 5.3 Stock Gain (Loss) net NRV (0.1) 0.4 (4.6) 1.1 (0.8) (1.7) (0.3) (3.1) (0.8) (1.2) Hedging Gain (Loss) 0.2 1.3 0.5 0.2 1.3 (0.2) 0.3 0.3 0.6 0.5 GRM including: Stock Gain (Loss) net NRV and Hedging Gain (Loss) 8.5 5.0 (0.7) 5.0 4.1 3.5 5.6 5.1 4.5 4.6 Refinery Intake (KBD) Refinery Sales Volume (KBD) $/BBL Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 6M/23 6M/24 10.3 5.7 12.6 9.0 8.3 3.2 8.0 5.7 (2.6) (2.8) 3.6 (3.3) (0.07) 0.4 (2.7) 0.2 1.3 0.9 (4.2) 1.2 0.2 1.3 1.1 0.8 9.0 3.8 12.1 6.9 8.5 5.0 6.4 6.7 -0.7? $/BBL Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 FY23 FY24 10.3 5.7 12.6 9.0 8.3 3.2 3.5 3.7 9.4 4.7 (2.6) (2.8) 3.6 (3.3) (0.07) 0.4 (4.6) 1.1 (1.2) (0.8) 1.3 0.9 (4.2) 1.2 0.2 1.3 .0.5 0.2 (0.2) 0.6 9.0 3.8 12.1 6.9 8.5 5.0 (0.7) 5.0 8.0 4.5 38 6M/24 6M25 5.8 4.4 0.2 (1.2) 0.8 0.6 6.7 3.8
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Aromatics BTX P2F Upstream - Aromatics $/ton Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 FY24 FY25 BTX P2F 311 220 241 186 156 177 179 193 234 176 Stock Gain (Loss) net NRV 16 3 (38) (16) 5 (40) (4) (38) (9) (17) Hedging Gain (Loss) (2) (1) - 8 4 5 1 5 1 3 BTX P2F including: Stock Gain (Loss) net NRV and Hedging Gain (Loss) 325 222 202 178 167 142 176 160 226 162 2023 259 1 (1) 190 Aromatics Intake (KTons) Aromatics Sales Volume (KTons) 39 6M/24 6M25 262 167 9 (17) (1) 5 270 155
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Upstream - Olefins Olefins Intake (KTons) Olefins Sales Volume (KTons) Utilization rate 1,174 1,079 1,211 1,121 1,027 1,152 1,309 3,464 3,488 85% 75% 83% 76% 72% 81% 89% 81% 81% 40
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Intermediates Polymers & Chemicals Intermediates Sales Volume (KTons) Polymers & Chemicals Sales Volume (KTons) 41
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Utilization rate 42
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43 Growth CAPEX – GC group Total Estimated Annual CAPEX (M.USD) 2026-2030 2026 2027 2028 2029 2030 1) Committed CAPEX - GC group excl. allnex 55 33 18 3 1 - 2) Olefins Feedstock Security Enhancement Project 110 1 23 9 77 - 3) allnex expansion & growth Capex 388 62 105 90 85 46 Total 553 96 146 102 163 46 1. Group normalized annual maintenance ~ 400 Million USD (including allnex Holding GmbH) and are excluded from the table.2. Other projects such as IT & digital, new office facility, operational excellence etc.3. allnex expansion & growth Capex based on capex plan, including committed and uncommitted projects but excludes any large M&A projects.4. FX assumption for USD/EURO is 1.22 for allnex CAPEX plan.
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Product Unit Y. 2023 [Actual] Y. 2024 [Actual] Y. 2025 [Actual] Y. 2026 [Forecast] Change Y. 26 - 25 Crude : Dubai $/bbl 82.1 79.6 69 62 – 66 Petroleum Product : ▪ Diesel 10 PPM - Dubai $/bbl 24.3 16.6 18.3 15 – 18 ▪ VLSFO - Dubai $/bbl 11.5 12.5 7.5 6 – 9 Aromatics Chain : ▪ PX – Naphtha $/Ton 389 288 238 290 – 310 ▪ PTA Margin $/Ton 85 77 65 70 – 80 ▪ PET Margin $/Ton 89 74 64 70 – 80 ▪ BZ – Naphtha $/Ton 248 309 152 150 – 160 ▪ Phenol Margin $/Ton 252 234 166 155 – 165 Olefins Chain : ▪ HDPE $/Ton 1044 1014 927 850 – 880 ▪ HDPE – Naphtha $/Ton 394 339 331 315 – 345 Market Prices 44Source: Platts, ICIS, GC’s Price Forecast as of 26 Jan 26 Highlight Y. 26 ▪ Supply growth outpace demand growth [-] ▪ Geopolitics tension uncertainty [+] ▪ US/EU sanction Russia[+] ▪ New Refinery capacity [-] ▪ IMO emission control for ship industry [-] ▪ Capacity Rationalization [+] ▪ Control supply [+] ▪ New Capacity [-] ▪ Risk in geometry of global trade [-] Update