Interim report
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 15 Notes Contents 1 General information 2 Basis of preparation of the financial statements 3 Material accounting policies 4 Related parties 5 Cash and cash equivalents 6 Trade accounts receivable 7 Inventories 8 Investments in subsidiaries 9 Investments in joint ventures and associates 10 Marketable financial assets 11 Investment properties 12 Property, plant and equipment 13 Leases 14 Goodwill 15 Intangible assets 16 Interest-bearing liabilities 17 Non-current provisions for employee benefits 18 Legal reserve 19 Subordinated perpetual debentures 20 Segment information and disaggregation of revenue 21 Expenses by nature 22 Income tax 23 Promotional privileges 24 Loss per share 25 Dividends 26 Financial instruments 27 Commitments with non-related parties 28 Litigations 29 Event after the reporting period
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 16 These notes form an integral part of the financial statements. The financial statements were approved and authori sed for issue by the Board of Directors on 9 February 2026. 1 General information PTT Global Chemical Public Company Limited, the “Company”, is incorporated in Thailand and was listed on the Stock Exchange of Thailand on 19 October 2011. The Company’s registered offices are as follows: Head Office : 555/1, Energy Complex, Building A, 18th Floor, Vibhavadi-Rangsit Road, Chatuchak, Chatuchak, Bangkok, Thailand Branch 1 (Rayong office Branch) : 59, Radniyom Road, Tambon Noenphra, Amphoe Mueang Rayong, Rayong, Thailand Branch 2 (Olefin 1 Branch) : 14, I-1 Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 3 (Olefin 2 Branch) : 9, I-4 Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 4 (Aromatics 1 Branch) : 4, I-2 Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 5 (Aromatics 2 Branch) : 98/9, Rayong 3191 Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 6 (Refining Branch) : 8, I-8 Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 7 (Jetty and Buffer Tank Farm Branch) : 19, Rong Pui Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 8 (Aromatics reserve Branch) : 11, I-4 Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 9 (Lab Service Center Branch) : 24/9, Pakorn Songkrao-Rat Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 10 (GC 10 Branch) : 555/1, Energy Complex, Building A, 1st, 9th, 14th and 16th - 17th Floor, Vibhavadi-Rangsit Road, Chatuchak, Chatuchak, Bangkok, Thailand Branch 11 (Olefin 3 Branch) : 8, Phadang Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 12 (Polyethylene Branch) : 8, Map Ta Phut Industrial Estate, I-10 Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 13 (Innoplus Solution Center Branch) : 83/9-10, Moo 5, Tambon Tabma, Amphoe Mueang Rayong, Rayong, Thailand Branch 14 (GC 14 Branch) : 32, Rong Pui Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 17 Branch 15 (GC Chemical Experience Campus) : 66, National highway 363 Road, Tambon Noenphra, Amphoe Mueang Rayong, Rayong, Thailand Branch 16 (Glycol Plant) : 9-9/1, Soi G12, Pakorn Songkrorat Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 17 (Polystyrene Plant) : 7, I-1 Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 18 (Phenol Plant) : 9, Soi G9, Pakorn Songkrorat Road, Tambon Map Ta Phut, Amphoe Mueang Rayong, Rayong, Thailand Branch 19 (Oxirane Plant) : 12, Soi G4, Pakorn Songkrorat Road, Tambon Huai Pong, Amphoe Mueang Rayong, Rayong, Thailand The Company is a company in the PTT Public Company Limited (“PTT”) group of companies. PTT is incorporated in Thailand and is the major shareholder of the Company, holding 45.18% of the Company’s issued and paid-up share capital. The principal activities of the Company are refining and provision of integrated petroleum products, production and distribution of aromatics products including aromatic derivatives and production and distribution of ethylene, propylene, polyethylene plastic pellets and biochemical products. By-products are mixed C4, cracker bottom and tail gas. Minor activities are production and distribution of electricity, water, steam and other utilities. In addition, the Company also operates production support facilities such as jetty and buffer tank farm services for liquid chemical, oil and gas. Details of the Company’s subsidiaries as at 31 December 2025 and 2024 are given in note 8. 2 Basis of preparation of the financial statements The financial statements are prepared in accordance with Thai Financial Reporting Standards (“TFRS”), guidelines promulgated by the Federation of Accounting Professions and applicable rules and regulations of the Thai Securities and Exchange Commission. The financial statements are presented in Thai Baht, which is the Company’s functional currency. The accounting pol icies, described in note 3, have been applied consistently to all periods presented in these financial statements. The preparation of financial statements in conformity with TFRS requires management to make judgements, estimates and assumptions that affec t the application of the Group’s accounting policies. Actual results may differ from these estimates. Estimates and underlying assumptions that are described in note 3 are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively. The Group has not adopted the new and revised TFRS which will be effective for the financial statements for the periods beginning on or after 1 January 2026 onwards in preparing these financial statements. The Group is in the pro cess of assessing the potential impact on the financial statements from the adoption of these new and revised TFRS.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 18 3 Material accounting policies (a) Financial reporting standards that became effective in current year During the year, the Group has adopted the revised financial reporting standards that promulgated by the Federation of Accounting Professions which are effective for fiscal years beginning on or after 1 January 2025. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting treatment and providing accounting guidance for users of the standards. The adoption of these financial reporting standards does not have any significant impact on the Group’s financial statements. (b) Basis of consolidation The consolidated financial statements relate to the Company and its subsidiaries and the Group’s interests in associates and joint ventures. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. At the acquisition date, the Group measures any non-controlling interest at its proportionate interest in the identifiable net assets of the acquiree. When there is a change in the Group’s interest in a subsidiary that does not result in a loss of control, any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received from the acquisition or disposal of the non -controlling interests with no change in control is accounted for as other surplus/deficit in shareholders’ equity. When the Group loses control over a subsidi ary, it derecognises the assets and liabilities, any related non-controlling interests and other components of equity of the subsidiary. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. Associates and joint ventures Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement. The Group recognised investments in associates and joint ventures using the equity method in the consolidated financial statements. They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s dividend income and share of the profit or loss and other comprehensive income of equity–accounted investees, until the date on which significant influence or joint control ceases. If an investment in an associate becomes an investment in a joint venture or vice versa, the retained interest is not remeasured. Instead, the investment continues to be accounted for under the equity method. In all other cases, when the group ceases to have significant influence over an associate or joint control over a joint venture, it is accounted for as a disposal of the entire interest in that investee, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former investee at
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 19 the date when significant influence or joint control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset. Intra-group balances and transactions, and any income or expenses arising from intra-group transactions, are eliminated on consolidation. Unrealised gains or losses arising from transactions with associates and joint ventures are eliminated against the investment to the extent of the Group’s interest in the investee. Business combinations The Group applies the acquisition method when the Group assess es that the acquired set of activities and assets meets the definition of a business and control is transferred to the Group, other than business combinations with entities under common control. The Group elect to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment (see note 3(n)). Any gain on bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Consideration transferred or a ny contingent consideration is measured at fair value at the date of acquisition, and remeasured at fair value at each reporting date. Subsequent changes in the fair value are recognised in profit or loss. A contingent liability of the acquiree is assumed in a business combination only if such a liability represents a present obligation and arises from a past event, and its fair value can be measured reliably. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group estimates provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date. When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is remeasured to its acquisition -date fair value and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. Business combination under common control are accounted for using a method similar to the pooling of interest method, by recognising assets and liabilities of the acquired businesses at their carrying amounts in the consolidated financial statements of the ultimate parent company at the transaction date. The difference between the carrying amount of the acquired net assets and the consideration transferred is recognised as surplus (under) capital from business combinations under common control in shareholder’s equity. The surplus (under) capital will be transferred to retained earnings upon divestment of the businesses acquired. The results from operations of the acquired businesses will be included in the consolidated financial statements of the acquirer from the beginning of the comparative period or the moment the businesses came under common control, whichever date is later, until control ceases.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 20 (c) Investments in subsidiaries, associates and joint ventures Investments in subsidiaries, associates and joint ventures in the separate financial statements are measured at cost less allowance for impairment losses. Dividend income is recognised in profit or loss on the date on which the Company right to receive payment is established. If the Company disposes of part of its investment, the deemed cost of the part sold is determined using the weighted average method. Gains or losses on disposal of the investments are recognised in profit or loss. (d) Foreign currencies Transactions in foreign currencies including non-monetary assets and liabilities denominated in foreign currencies are translated to the respective functional currencies of each entity in the Group at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate at the reporting date. Non-monetary assets and liabilities measured at fair value in foreign currencies are translated at the exchange rates at the dates that fair value was determined. Foreign currency differences are generally recognised in profit or loss. However, foreign currency differences arising from the translation of the following items are recognised in other comprehensive income: - an investment in equity securities designated as at FVOCI - a financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; and - qualifying cash flow hedges to the extent the hedge is effective. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to Thai Baht at the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated to Thai Baht at rates approximating the exchange rates at average rate during the year. Foreign exchange differences are re cognised in other comprehensive income and accumulated in the translation reserve until disposal of the investment, except to the extent that the translation difference is allocated to non-controlling interests. When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When t he settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation and are recognised in other comprehensive income, and presented in the translation reserve in equity until disposal of the investment. (e) Financial instruments (e.1) Classification and measurement Other financial assets and financial liabilities (except trade accounts receivable (see note 3(g))) are initially recognised when the Group becomes a party to the contractual provisions of the instrument, and measured at fair value plus or minus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 21 Regular way of purchases and sales of financial assets are recognised on trade -date, the date on which the Group commits to purchase or sell the asset. Initial recognition Financial asset is classified as measured at: amortised cost; fair value through other comprehensive income (FVOCI); or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its bu siness model for managing financial assets, in which case all affected financial assets are reclassified prospectively from the reclassification date. Financial liabilities are classified as measured at amortised cost using the effective interest method or FVTPL. Interest expense, foreign exchange gains and losses are recognised in profit or loss. Subsequently measured Financial assets measured at amortised costs are subsequently measured at amortised cost using the effective interest method. The amortis ed cost is reduced by expected credit losses. Interest income, foreign exchange gains and losses, exp ected credit loss and any gain or loss on derecognition are recognised in profit or loss. Debt investments measured at FVOCI are subsequently measured at fair value. Interest income, calculated using the effective interest method, foreign exchange gains and losses and expected credit loss are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments measured at FVOCI are subsequently measured at fair value. Dividend income is recognised as income in profit or loss on the date on which the Group’s right to receive dividend is established, unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. (e.2) Derecognition and offset The Group derecognises a finan cial asset when the contractual rights to receive the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the fina ncial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount extinguished and the consideration received or paid is recognised in profit or loss. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and the Group intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. (e.3) Derivatives Derivative are recognised at fair value and remeasured at fair value at each reporting date. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss, except when a derivative is designated as a hedging instrument for which recognition of any resultant gain or loss depends on the nature of the item being hedged.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 22 (e.4) Hedging Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve . The effective portion that is recognised in OCI is limited to the cumulative change in fair value of the hedge item, determined on a present value basis, from inception of the hedge. Any ineffective portion is recognised immediately in profit or loss. When the hedged forecast transaction subsequently results in the recognition of a non -financial item such as inventory, the amount accumulated in the cash flow hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the cash flow hedging reserve is reclassified to profit or loss in th e same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the cash flow hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non -financial item, it is included in the non -financial item’s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the cash flow hedging reserve are immediately reclassified to profit or loss. (e.5) Impairment of financial assets other than trade accounts receivable The Group assesses ECLs by reviewing credit ratings of the financial assets unless there has been a significant increase in credit risk of the financial instrument since initial recognition or credit - impaired financial assets, the loss allowance is measured at an amount equal to lifetime ECLs. In determining allowance of expected credit loss, if the financial asset is considered to have low credit risk and no significant incremental of credit risk since initial recognition, the Group will not recognise any allowance of expected credit loss. (e.6) Write offs The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering. Subsequent recoveries of an asset that was previously written off, are recognised as a reversal of impairment in profit or loss in the period in which the recovery occurs. (e.7) Interest Interest income and expense is recognised in profit or loss using the effective interest method. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. (f) Cash and cash equivalents Cash and cash equivalents are cash on hand and all types of deposits at bank and financial institutions with original maturity of three months or less from the date of acquisition, excluding deposits at banks used as collateral (if any).
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 23 (g) Trade accounts receivable A trade receivable is recognised when the Group has an unconditional right to receive consideration. A trade receivable is measured at transaction price less allowance for expected credit loss. Bad debts are written off when incurred. The Group estimates lifetime expected credit losses (ECLs), using a provision matrix to find the ECLs rates. This method groups the debtors based on shared credit risk characteristics and past due status, taking into account historical credit loss data, adjusted for factors that are specific to the debtors and an assessment of both current economic conditions and forward -looking general economic conditions at the reporting date. (h) Inventories Inventories are measured at the lower of cost and net realisable value. Cost is calculated using the weighted average cost principle. Cost includes direct costs incurred in acquiring the inventories. In the case of manufactured inventories and work -in-progress, cost includes manufacturing overheads based on normal operating capacity. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs to complete and to make the sale. Provision is made for obsolete and slow -moving finished goods, raw materials, factory supplies and spare parts based on the items that are obsoleted and expected to be unsalable. (i) Non-current assets and disposal groups classified as held for sale Non-current assets and disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets and disposal group, are measured at the lower of their carrying amount and fair value less cost to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets and investment properties. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognised in profit or loss. Once classified as held for sale, intangible assets, property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investee is no longer equity accounted. (j) Investment properties Investment properties are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed assets includes capitalised borrowing costs. Depreciation is calculated on a straight -line basis over th e estimated useful lives of buildings and buildings improvement of 10 - 30 years and recognised in profit or loss. No depreciation is charged on freehold land and assets under construction. Differences between the proceeds from disposal and the carrying a mount of investment property are recognised in profit or loss. (k) Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 24 Cost includes capitalised borrowing costs, and the costs of dismantling and removing the items and restoring the site on which they are located including transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency pur chases of property, plant and equipment. Differences between the proceeds from disposal and the carrying amount of property, plant and equipment are recognised in profit or loss. The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item when the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day -to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is calculated on a straight-line basis over the estimated useful lives of each component of an asset and recognised in profit or loss. No depreciation is provided on freehold land and assets under construction. The estimated useful lives are as follows: Land improvement 5 - 40 years Buildings and buildings improvement 5 - 40 years Plant, machinery, equipment and factory tools 5 - 50 years Furniture, fixtures and equipment 3 - 28 years Vehicles 5 - 25 years (l) Goodwill Goodwill is measured at cost less accumulated impairment losses. In respect of equity -accounted investee, the carrying amount of goodwill is included in the carrying amount of the investment. (m) Intangible assets Intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure is capitalised only when it will generate future economic benefits. Amortisation is calculated on a straight-line basis over the estimated useful lives of intangible assets and recognised in profit or loss from the date that they are available for use. The estimated useful lives are as follows: Production licence fees 10 - 40 years Computer software 3 - 20 years Customer contracts and the related customer relationships 5 - 25 years Right to use - others 10 - 25 years (n) Leases At inception of a contract, the Group assesses that a contract is, or contains, a lease when it conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 25 The Group as lessee At commencement or on modification of a contract, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices of each component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date, except for leases of low-value assets and short-term leases which are recognised as expenses on a straight-line basis over the respective lease terms. Right-of-use asset is measured at cost, less any accumulated depreciation and accumulated impairment loss, and adjusted for any remeasurements of lease liability. The cost of right-of-use asset includes the initial amount of the lease liability adjusted for any prepaid lease payments, plus any initial direct costs incurred and an estimate of restoration costs, less any lease incentives received. Depreciation is charged to profit or loss on a straight -line method from the commencemen t date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. The lease liability is initially measured at the present value of all lease payments that shall be paid under the lease. The Group uses the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate to discount the lease payments to the present value. The lease liability is measured at amortised cost using the effective interest m ethod. It is remeasured when there is a lease modification. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recognised in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero and the Group elected not to assess that the rent concessions are lease modification, the Group remeasured lease liabilities using the original discount rate and recognised the impact of the change in lease liability in profit or loss. The Group as lessor At lease inception, the Group considers to classify a lease that transfers substantially all of the risks and rewards incidental to ownership of the underlying asset to lessees as a finance lease. A lease that does not meet this criteria is classified as an operating lease. The Group recognises lease payments received under operating leases in profit or loss on a straight-line basis over the lease term as part of other income. Initial direct costs incurred in arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. (o) Impairment of non-financial assets The carrying amounts of the Group’s assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the assets’ recoverable amounts are estimated. For goodwill and intangible assets that have indefinite useful lives or are not yet available for use, the recoverable amount is estimated each year at the same time. An impairment loss is recognised in profit or loss if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. The recoverable amount is the greater of the asset’s value in use and fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre- tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 26 An impairment loss of asset recognised in prior periods is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss in respect of goodwill is not reversed. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (p) Employee benefits Defined contribution plan Obligations for contributions to the Group’s provident funds are expensed as the related service is provided. Defined benefit plans The Group’s net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in the current and prior periods. The defined benefit obligations is discounted to the present value, discounting that amount net with fair value of plan assets. The calculation of defined benefit obligations is pe rformed every 3 years by a qualified actuary using the projected unit credit method. Remeasurements of the net defined benefit liability, actuarial gain or loss are recognised immediately in OCI. The Group determines the interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation, taking into account any changes in the net defined benefit liability as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs. The Group’s net obligation in respect of long -term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognised in profit or loss in the period in which they arise. Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognizes costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the end of the reporting period, then they are discounted. Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. (q) Provisions Provisions are determined by discounting the expected future cash flows at a pre -tax rate that reflects current market assessments of the time value o f money and the risks specific to the liability. The unwinding of the discount is recognised as a finance cost.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 27 (r) Subordinated perpetual debentures Subordinated perpetual debentures which are payable upon dissolution are recognised as equity as the Company has the sole right and discretion to early redemption as stipulated in terms and conditions of debentures, and the interest and cumulative interest payment can be unconditionally deferred without time and number limitation and payable at the Company ’s discretion. Accordingly, any interest payments are recognised similar as dividends and directly in equity when payment obligation arises. Interest payments are presented in the stateme nt of cash flows at the same way as dividends paid to ordinary shareholders. (s) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: - Level 1: quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date. - Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. - Level 3: inputs for the asset or liability that are based on unobservable input. If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. (t) Revenue from contracts with customers (1) Revenue recognition Revenue is recognised when a customer obtains control of the goods or s ervices in an amount that reflects the consideration to which the Group expects to be entitled, excluding those amounts collected on behalf of third parties, value added tax or other sales taxes and is after deduction of any trade discounts and volume rebates. Revenue from sales of goods is recognised on the date on which the goods are delivered to the customers. Revenues from rendering of services is recognised as a performance obligation satisfied at a point in time when services underlying the particular performance obligation is transferred to the customer or is recognised over time based on the stage of completion of the contract. (2) Contract balances Contract assets are recognised when the Group has recognised revenue before it has an unconditional right to receive consideration. The contract assets are measured at the amount of consideration that the Group is entitled to, less allowance for expected credit loss. The contract assets are classified as trade receivables when the Group has an unconditional right to receive consideration.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 28 Contract liabilities including advances received from customers are the obligation to transfer goods or services to the customer. The contract liabilities including advances received from customers are recognised when the Group receives or has an unconditional right to receive non -refundable consideration from the customer before the Group recognises the related revenue. (u) Income tax Income tax expense for the year comprises current, top-up tax expense related to Pillar Two model rule, and deferred tax, which is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. The Group has determined that the global minimum top-up tax which it is required to pay under Pillar Two legislation is an income tax in the scope of TAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts for the top-up tax and accounts for it as a current tax when it is incurred. Current tax is recognised in respect of the taxable income or loss for the year, using tax rates enacted or substantively enacted at the end of the reporting date, and any adjustment to tax paya ble in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the temporary differences: the initial recognition of goodwill; the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and differences re lating to investments in subsidiaries and joint ventures to the extent that it is probable that they will not reverse in the foreseeable future. The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. Current deferred tax assets and liabilities are offset in the separate financial statements. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. (v) Earnings (loss) per share Basic earnings (loss) per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company less coupon payment for the year on Subordinated perpetual debentures whether it has been accrued or not, by the weighted average number of ordinary shares ou tstanding during the year. 4 Related parties A related party is a person or entity that has direct or indirect control or joint control, or has significant influence over the financial and managerial decision -making of the Group; a person or entity that is under common control or under the same significant influence as the Group; or a person or entity over which the Group has direct or indirect control or joint control or has significant influence over the financial and managerial decision-making. Relationships with parent of the Group, subsidiaries, associates and joint ventures are described in notes 1, 8 and 9. Other related parties which the Group had significant transactions with during the year were as follows:
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 29 Name of entities Country of incorporation Nature of relationships Vencorex (Thailand) Co., Ltd. Thailand Indirect subsidiary, 100% shareholding by the Group NPC S&E Security Guard Co., Ltd. Thailand Indirect subsidiary, 100% shareholding by the Group Allnex (Thailand) Ltd. Thailand Indirect subsidiary, 94.96% shareholding by the Group Allnex Austria GmbH Austria Indirect subsidiary, 100% shareholding by the Group Allnex Belgium SA/NV Belgium Indirect subsidiary, 100% shareholding by the Group Allnex Management GmbH Germany Indirect subsidiary, 100% shareholding by the Group Allnex New Zealand Limited New Zealand Indirect subsidiary, 100% shareholding by the Group Allnex Resins Australia Pty. Ltd. Australia Indirect subsidiary, 100% shareholding by the Group GC America Sustainability Corporation United States of America Indirect subsidiary, 100% shareholding by the Group, common director and the Company’s management as director GC Marketing Solutions (Shanghai) Co., Ltd. China Indirect subsidiary, 100% shareholding by the Group GC Marketing Solutions Myanmar Co., Ltd. Myanmar Indirect subsidiary, 100% shareholding by the Group GC Marketing Solutions Vietnam Co., Ltd. Vietnam Indirect subsidiary, 100% shareholding by the Group Nuplex Resins (Vietnam) Pty Ltd. Vietnam Indirect subsidiary, 100% shareholding by the Group PT GCM Marketing Solutions Indonesia Indonesia Indirect subsidiary, 100% shareholding by the Group PTTGC International (Netherlands) B.V. Netherlands Indirect subsidiary, 100% shareholding by the Group, common director and the Company’s management as director Vencorex Holding France Indirect subsidiary, 100% shareholding by the Group and the Company’s management as director GHECO-One Co., Ltd. Thailand Other related party, indirect shareholding by parent company Energy Complex Co., Ltd. Thailand Other related party, shareholding by parent company Global Power Synergy Plc. Thailand Other related party, 10% shareholding, shareholding by parent company, common director Glow SPP 11 Co., Ltd. Thailand Other related party, indirect shareholding by parent company Glow SPP 2 Co., Ltd. Thailand Other related party, indirect shareholding by parent company Glow SPP 3 Co., Ltd. Thailand Other related party, indirect shareholding by parent company Glow IPP Co., Ltd. Thailand Other related party, indirect shareholding by parent company Glow Energy Plc. Thailand Other related party, indirect shareholding by parent company Thai Paraxylene Co., Ltd. Thailand Other related party, indirect shareholding by parent company Thai Lube Base Plc. Thailand Other related party, indirect shareholding by parent company
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 30 Name of entities Country of incorporation Nature of relationships Thai Oil Plc. Thailand Other related party, shareholding by parent company IRPC Polyol Co., Ltd. Thailand Other related party, indirect shareholding by parent company IRPC Plc. Thailand Other related party, shareholding by parent company WHA Industrial Estate Rayong Co., Ltd. Thailand Other related party, indirect shareholding by parent company Trans Thai-Malaysia (Thailand) Co., Ltd. Thailand Other related party, shareholding by parent company TOPNEXT International Co., Ltd. Thailand Other related party, indirect shareholding by parent company Thai Petroleum Pipeline Co., Ltd. Thailand Other related party, indirect shareholding by parent company Business Services Alliance Co., Ltd. Thailand Other related party, shareholding by parent company, the Company and a Company’s associate, each of 25% shareholding of preferred stock PTT Oil and Retail Business Plc. Thailand Other related party, shareholding by parent company PTTEP Energy Development Co., Ltd. Thailand Other related party, indirect shareholding by parent company PTTEP Siam Co., Ltd. Thailand Other related party, indirect shareholding by parent company PTTEP International Co., Ltd. (Yangon Branch) Thailand Other related party, indirect shareholding by parent company PTT Exploration and Production Plc. Thailand Other related party, shareholding by parent company PTT Tank Terminal Co., Ltd. Thailand Other related party, shareholding by parent company, common director PTT LNG Co., Ltd. Thailand Other related party, shareholding by parent company LABIX Co., Ltd. Thailand Other related party, indirect shareholding by parent company Sak Chaisidhi Co., Ltd. Thailand Other related party, indirect shareholding by parent company UBE Chemicals (Asia) Plc. Thailand Other related party, indirect shareholding by parent company Carigali - PTTEPI Operating Co Sdn Bhd Malaysia Other related party, indirect shareholding by parent company PT.Tirta Surya Raya Indonesia Other related party, indirect shareholding by parent company PTT International Trading London Ltd. England Other related party, shareholding by parent company PTT International Trading Pte. Ltd. Singapore Other related party, shareholding by parent company, common director PTT International Trading USA Inc. United States of America Other related party, shareholding by parent company PTT MEA Ltd. United Arab Emirates Other related party, indirect shareholding by parent company PTTEP SP Limited England Other related party, indirect shareholding by parent company TOP Solvent (Vietnam) LLC. Vietnam Other related party, indirect shareholding by parent company
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 31 Significant transactions with related parties Consolidated financial statements Separate financial statements Year ended 31 December 2025 2024 2025 2024 (in million Baht) Parent of the Group Sales of goods or rendering of services 15,993 22,903 15,744 22,687 Purchases of goods or receiving of services 268,015 348,848 267,196 347,989 Other income 70 34 70 34 Finance costs 21 21 20 21 Other expenses 59 50 59 50 Subsidiaries Sales of goods or rendering of services - - 36,632 44,431 Purchases of goods or receiving of services - - 8,172 9,285 Interest income - - 2,432 2,908 Dividend income - - 709 2,921 Other income - - 610 735 Finance costs - - 2,934 3,713 Other expenses - - 284 163 Expense capitalised to fixed assets - - 1,571 1,371 Joint ventures Sales of goods or rendering of services 14,003 15,730 10,785 12,996 Purchases of goods or receiving of services 3,591 4,087 3,436 3,752 Interest income 60 13 60 13 Dividend income - - 329 350 Other income 194 173 162 141 Finance costs 378 397 336 352 Other expenses 2,127 2,408 1,955 2,086 Expense capitalised to fixed assets 29 - 29 - Associates Sales of goods or rendering of services 6,557 8,957 5,266 6,775 Purchases of goods or receiving of services 251 326 105 151 Dividend income - - 599 647 Other income 139 158 139 158 Other expenses 497 573 466 535 Expense capitalised to fixed assets 126 70 117 66 Other related parties Sales of goods or rendering of services 183,049 243,913 176,192 236,489 Purchases of goods or receiving of services 20,787 37,113 19,021 31,211 Net derivative gain 138 570 138 570 Dividend income 268 251 268 251 Other income 170 386 163 1,126 Finance costs 6 4 5 3 Other expenses 270 280 233 237 Expense capitalised to fixed assets 1 - 1 -
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 32 Significant transactions with related parties Consolidated financial statements Separate financial statements Year ended 31 December 2025 2024 2025 2024 (in million Baht) Key management personnel Key management personnel compensation Short-term employee benefit 372 431 170 192 Post-employment benefits and other long-term benefits 5 11 5 6 Total key management personnel compensation 377 442 175 198 Consolidated financial statements Separate financial statements Balances with related parties At 31 December 2025 2024 2025 2024 (in million Baht) Trade accounts receivable Parent 1,697 2,012 1,549 1,954 Subsidiaries - - 4,043 6,195 Joint ventures 2,422 2,177 1,726 1,494 Associates 783 934 475 560 Other related parties 11,990 14,643 11,544 14,004 Total 16,892 19,766 19,337 24,207 Other current receivables Parent 279 376 279 376 Subsidiaries - - 134 335 Joint ventures 55 49 50 43 Associates 70 60 20 29 Other related parties 648 815 603 665 Total 1,052 1,300 1,086 1,448 Derivatives - Current assets Other related parties 155 2 155 2 Total 155 2 155 2 Short-term loans to Subsidiaries - - 1,424 1,824 Total - - 1,424 1,824 Long-term loans to Subsidiaries - - 35 48,291 Joint ventures 874 947 874 947 Total 874 947 909 49,238 Less current portion (74) (67) (74) (67) 800 880 835 49,171
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 33 Consolidated financial statements Separate financial statements Balances with related parties At 31 December 2025 2024 2025 2024 (in million Baht) Trade accounts payable Parent 63,189 44,870 63,134 44,802 Subsidiaries - - 339 407 Joint ventures 210 269 185 226 Associates 44 52 21 21 Other related parties 2,117 2,010 1,861 1,638 Total 65,560 47,201 65,540 47,094 Other current payables Parent 271 365 269 364 Subsidiaries - - 1,595 923 Joint ventures 682 739 617 623 Associates 111 168 107 139 Other related parties 148 160 130 141 Total 1,212 1,432 2,718 2,190 Derivatives - Current liabilities Other related parties 1 4 1 4 Total 1 4 1 4 Payables to contractors Subsidiaries - - 913 987 Associates 35 25 36 24 Total 35 25 949 1,011 Lease liabilities Parent 573 578 558 563 Subsidiaries - - 6 7 Joint ventures 12,788 13,469 11,516 12,145 Other related parties 141 225 119 198 Total 13,502 14,272 12,199 12,913 Short-term loans from Subsidiaries - - 1,359 2,612 Total - - 1,359 2,612 Long-term loans from Subsidiaries - - 75,201 51,684 Total - - 75,201 51,684 Less current portion - - - (835) - - 75,201 50,849
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 34 Significant agreements with related parties As at 31 December 2025, significant agreements with related parties are as follows: Sales and Purchase Agreements The Company has 3 Ethylene sales and purchase agreements with 2 related parties. Selling prices are determined based on Ethylene price in the world market. Two agreements are for the period of 10 years and 15 years commencing from the effective date specified in each agreement and expiring in December 2031 and December 2037 and one agreement is for the period o f 10 years, starting from the plant commercial operation date. The Company has 2 Propylene sales and purchase agreements with a related party. Selling prices are determined based on Polypropylene plastic pellets and Propylene prices in the world market. These agreements are for the periods from 10 years to 15 years, commencing from the effective date specified in each agreement and expiring from December 2030 to December 2037. The Company has 2 Ethylene Oxide sale and purchase agreements with 2 related parties. Selling price is determined based on Ethylene price prevailing in the world market. The agreements are for the period of 15 years, commencing from the date as specified in the agreement and will expire in March 2031 and August 2035, respectively. The agreements are automatically renewed and can be terminated by advance cancellation not less than 2 years through written notice to the counterparty. The Company has a Monoethylene Glycol sale and purchase agreement with a related party. Selling prices are charged under the conditions as specified in the agreement. The agreement is for the period of 2 years, commencing from the date as specified in the agreement and will expire in December 2026. The Company has a Propylene Oxide Purchase and Sale Agreement with a related company. Selling prices are determined based on reference price of Propylene Oxide announced in the market. The period of this agreement is 15 years and will expire in December 2035. The Company has 2 Acetone purchase and sales agreements with a related party. Selling prices are determined in the agreements. These agreements are for the periods of 1 year, commencing from the effective date as specified in each agreement and will expire in December 2026. By-Product Sales and Purchase Agreements The Company has Hydrogen sales and purchase agreements with a related party. Selling price in the agreements are determined based on Natural Gas price for the industry. The agreement is for the period of 19 years 9 months and will expire in December 2028. Utilities and Other Services Agreements The Company has 2 Power Supply agreements with 2 related parties. Selling prices in these agreements are determined based on reference price from the Provincial Electricity Authority. These agreements are for the periods of 2 years and 15 years, commencing from the date as specified in each agreement and expiring in June 2027 and September 2029, respectively. The Company has 8 Utilities agreements covering electricity, steam and demineralised water with a related party. These agreements are for the periods from 12 years to 22 years 9 months, commencing from the date as specified in each agreement and expiring from December 2028 to December 2038. The Company and subsidiaries have many Utilities agreements for the industries covering electricity, steam, and water for industrial use with 2 related parties. These agreements are for the periods from 2 years 6 months to 25 years, commencing from the date as specified in each agreement and expiring from March 2026 to June 2045 and one agreement is automatically renewed except for a cancellation through written notice by either party.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 35 The Company has Tank Farm Storage and Service Agreements with related parties covering utilities and transportation of product. These agreements are for the periods from 4 years to 20 years, commencing from the effective date as specified in the agreement and expiring from March 2028 to March 2039, with the service charge as stipulated in the agreement. Feedstock and Fuel Gas Sales and Purchase Agreements The Company and a subsidiary have various Natural Gas sales and purchase agreements with a parent company. The agreements are for the period from 5 years to 25 years, commencing from the date as specified in the agreement and expiring from June 2026 to December 2047. The Company has an Ethane, Propane, LPG and NGL sales and purchase agreement with a parent company. Selling price in the agreement for Ethane is determined based on Polyethylene plastic pellets price. Selling price for Propane and LPG is determined based on Propane and Butane price in the world market and selling price for NGL is determined based on Naphtha price in the world market. The agreement is for the period of 11 years, commencing from the date as specified in the agreement and expiring in December 2030. The Company has an Ethane Rich Gas sales and purchase agreement with a related party. The selling price is determined based on Polyethylene plastic pellets, Olefins, and Propane price in the world market and Natural gas price in Thailand. The agreement is for the period of 9 years 7 months, commencing from the date as specified in the agreement and expiring in December 2030. The Company has an Ammonia sale and purchase agreement with a related party. Selling price is charged under the conditions as specified in the agreement. The agreement is for the period of 13 years 2 months, commencing from the date as specified in the agreement and will expire in March 2026. The agreement can be cancelled through written notice by each party. Petroleum Product Offtake Agreement The Company has a Petroleum Product sales and purchase agreement with a related party. The sales and purchase prices of product are based on the prices specified in the agreements. This agreement is for the period of 1 year, commencing from the effective date as specified in each agreement and will expire in December 2026. Long-term Crude Oil and Other Raw materials Supply Agreements The Company has entered into 2 supply agreements for crude oil and other raw materials with a parent company, the reference price being based on market price of crude oil and other raw materials. One agreement is for the period of 18 years, was automatically renewed and will expire in February 2026 and another agreement is for the period of 20 years, was automatically renewed and will expire in December 2026. These agreements are automatically renewed except for advance cancellation through written notice by each party. Crack Spread Swap Agreements The Company has entered into many crack spread swap agreements with a related party to hedge the Company’s oil refinery margin. The floating amount of the basket refinery margin (calculated crack spread based on the Singapore price of refined petroleum products, which are Naphtha, Gasoline, Gasoil, Kerosene and Fuel Oil, against the price of Dubai crude oil) is swapped for a fixed amount of the basket refinery margin for a fixed quantity per month. Under the agreements, the Company shall receive or make payment for the crack spread difference according to terms and conditions stipulated in the agreements.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 36 Product Spread Swap Agreements The Company has entered into many petrochemical product margin spread swap agreements with a related party to hedge the Company’s petrochemical margin. The floating amount of the petrochemical margin (calculated margin spread based on the key markets petrochemical products, which are Paraxylene, Benzene and other products against the Brent price) is swapped for a fixed amount of the petrochemical margin for a fixed quantity per month. Under the agreements, the Company shall receive or make payment of the product spread difference according to terms and conditions stipulated in the agreements. Master Agreement for Business Collaboration The Company has entered into a master agreement for business collaboration with a parent company, to define the terms and conditions for extending the credit period for raw materials to no more than 150 days. with the letter of credit issued to a parent company to support the extension of the payment term. The agreement will expire in December 2026. As at 31 December 2025, the Company had trade accounts payable under this agreement for which the seller had already received payment from the financial institution amounting to Baht 48,985 million. Sales and Purchase Aromatics Product Agreements The Company has entered into many raw material and product sales and purchase agreements with certain related parties. The sales and purchase prices of raw material and product are based on the prices specified in the agreements. These agreements are for the periods from 1 year, commencing from the effective date as specified in each agreement . The agreements will expire from December 2025 to December 2026. Other agreements are automatically renewed except in the event of a cancellation through written notice by each party. Lending and Borrowing Agreements The Company has unsecured short-term lending agreements for the period of 3 years through Liquidity Management System (“LMS”) with 7 related parties with the credit facilities between Baht 20 million to Baht 6,000 million. These loans bear interest based on market rates referenced to BIBOR O/ N plus an interest rate spread. The Company has a secured long-term lending agreement for the period of 7 years with a related party with a credit facility of USD 7.90 million. This loan bears interest at a fixed rate. The Company has unsecured long-term lending agreements for the period of 7 years with a related party with the credit facilities of Baht 615.75 million. This loan bear interest at the fixed rate. The Company has unsecured long -term lending agreements for the period of 2 years 9 months with a related party with the credit facilities of EUR 20 million. This loan bear interest at the fixed rate. The Company has unsecured long -term lending agreements for the period of 2 years 6 months with a related party with the credit facilities of EUR 47 million. This loan bears interest at a fixed rate. The Company has unsecured long-term lending agreements for the period of 7 years with a related party with the credit facilities of Baht 140 million. This loan bear interest at the fixed rate. The Company has unsecured long-term lending agreements for the period of 4 years with a related party with the credit facilities of THB 800 million. This loan bears interest at the fixed rate. The Company has unsecured lending agreements with a rela ted party with the credit facilities of EUR 259 million. This loan bears interest at the fixed rate and it consists of 4 loan facilities. These agreements are for the periods from 1 year 4 months to 4 years 3 months.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 37 The Company has unsecured short-term borrowing agreements for the period of 3 years through LMS with 7 related parties with the credit facilities between Baht 90 million to Baht 1,500 million. These loans bear interest based on a market rate referenced to BIBOR O/N minus interest rate spread. The Company has an unsecured long-term borrowing agreement for the period of 10 years with a related party with the credit facility of USD 690.75 million. This loan bears interest at the fixed rate. The Company has an unsecured long-term borrowing agreement for the period of 30 years with a related party with the credit facility of USD 541.25 million. This loan bears interest at the fixed rate. The Company has an unsecured long-term lending agreement for the period of 10 years with a related party with a credit facility of USD 994.09 million. This loan bears interest at a fixed rate. The Company has an unsecured long-term lending agreement for the period of 30 years with a related party with a credit facility of USD 298.28 million. This loan bears interest at a fixed rate. The Company has an unsecured long-term borrowing agreement with a related party with the credit facility of USD 599.77 million. This loan bears interest at the fixed rate. The Company has an unsecured long-term borrowing agreement with a related party with the credit facility of USD 500 million. This loan bears interest at the fixed rate. The Company has an uncommitted and unsecured short -term Inter-Company Borrowing & Lending agreement (ICBL) for the period of 1 year with a parent company with the borrowing credit facility of Baht 10,000 million and lending credit facility of Baht 2,000 million. The agreement expired on 19 December 2025 and has been extended for an additional period until 19 December 2026. This facility bears interest based on market rate referenced to THOR or SOFR plus interest rate plus the interest rate difference depending on the loan currency or other appropriate interest rates as determined by the lender if changes in market conditions spread by taking into account the return on short-term investment, short-term interest rate and the credit ratings of the Company or the borrowing company. The Company has an uncommitted and unsecured short -term Inter-Company Borrowing & Lending agreement (ICBL) for the period of 1 year with a related party with a borrowing credit facility of Baht 200 million and a lending credit facility of Baht 1,000 million. The agreement will expire on 30 May 2026. This facility bears interest based on market rates referenced to BIBOR or other appropriate interest rates as determined by the lender if changes in market conditions spread by taking into account the return on short-term investment, short-term interest rate and the credit ratings of the Company or the borrowing company. The Company has an uncommitted and unsecured short -term Inter-Company Borrowing & Lending agreement (ICBL) for the period of 3 years with a related party with a borrowing and lending credit facility of EUR 100 million (or equivalent to USD). The agreement will expire on 17 September 2026. This facility bears interest based on market rates spread by taking into account the return on short -term investment, short-term interest rate and the credit ratings of the Company or the borrowing company. The C ompany has an uncommitted and unsecured short -term Inter-Company Borrowing & Lending agreement (ICBL) for the period of 1 year with a related party with a borrowing credit facility of USD 100 million. The agreement will expire on 20 May 2026. This facility bears interest based on market rates referenced to SOFR or other appropriate interest rates as determined by the lender if changes in market conditions spread by taking into account the return on short-term investment, short-term interest rate and the credit ratings of the Company or the borrowing company.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 38 The Company has an uncommitted and unsecured short -term Inter-Company Borrowing & Lending agreement (ICBL) for the period of 1 year with a related party with a borrowing credit facility of USD 60 million. The agreement will expire on 30 June 2026. This facility bears interest based on market rates referenced to SOFR or other appropriate interest rates as determined by the lender if changes in market conditions spread by taking into account the return on short-term investment, short-term interest rate and the credit ratings of the Company or the borrowing company. Service Agreements The Company has Shared Service agreements with 26 related parties for the provision of general services. All of these agreements are effective from the date as specified in the agreements and the service charges will be agreed in the fourth quarter of each preceding year. The Company has Management and Engineering agreement, Design, Supply, Construction and Installation agreement, Inspection of Construction, Equipment and Machinery agreement and Management and Maintenance Work agreement with a related party. These agreements are for the periods from 1 year 8 months to 2 years 4 months, commencing from the date as specified in the agreements and expiring from December 2025 to April 2027. The Company has a Security Service agreement with a related party. Under which the related party agrees to provide security service to asset, employees and visitors in the location of the Company. The agreement is for the period of 1 year and will expire in December 2026. The Company has a Safety Inspection Service agreement and an Emergency Control Center agreement with a related party. These agreements are for the period from 2 years to 3 years and will expire in December 2026 with service rate as stipulated in the agreements. The Company has Warehouse Management agreements with a related party. The agreements are for the periods from 1 year to 30 years 9 months and expiring from December 2054. The Company has a Logistics Services agreement with a related party. The agreement is for the period of 1 year and will expire in December 2025. The Company has entered into Information and Commu nication Technology Service agreements with a related party. Under which the related party agrees to provide Information Technology system maintenance and support services, system structure and data centre management, system supporting and ad visory, including system design and development as the Company’s requirements. These agreements are for the periods from 1 year to 15 years, commencing from the date as specified in each agreement and expiring from December 2026 to December 2028. The Company has a Very Large Ethane Carriers Services agreement with a parent company. The agreement is for the period of 15 years starting from the date of delivery of the Vessel. Rental Agreements The Company has various Land Lease agreements with related parties. These agreements are for the periods from 14 years to 30 years, commencing from the date as specified in the agreements, and expiring from February 2029 to June 2050 with land lease rate and condition as specified in the agreements. A subsidiary has Land Lease and Office Rental agreements with 5 related parties. These agreements are for the periods from 3 years to 30 years, commencing from the date as specified in the agreements, and expiring from August 2026 to July 2043. The renewal of the contract will be subject to negotiation with the counter party.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 39 The Company has a Port and Storage Tank Utilization Management agreement with a related party. The agreement is for the period of 15 years starting from the plant commercial operation date. 5 Cash and cash equivalents Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) Cash on hand 2 2 2 2 Cash at banks 13,693 22,124 2,329 8,298 Highly liquid short-term investments 5,230 10,619 4,718 4,417 Total 18,925 32,745 7,049 12,717 6 Trade accounts receivable Consolidated financial statements Separate financial statements At 31 December Note 2025 2024 2025 2024 (in million Baht) Related parties 4 16,892 19,766 19,337 24,207 Other parties 22,653 28,201 10,714 12,735 Total 39,545 47,967 30,051 36,942 Less allowance for expected credit loss (135) (214) (20) (19) Net 39,410 47,753 30,031 36,923 Related parties Within credit terms 16,669 19,694 18,782 23,461 Overdue: Less than 3 months 213 59 254 733 3 - 6 months - - 230 - 6 - 12 months - - 61 - Over 12 months 10 13 10 13 Total 16,892 19,766 19,337 24,207 Other parties Within credit terms 21,455 26,830 10,265 12,381 Overdue: Less than 3 months 875 1,011 260 335 3 - 6 months 192 83 170 - 6 - 12 months 69 7 - - Over 12 months 62 270 19 19 Total 22,653 28,201 10,714 12,735 Less allowance for expected credit loss (135) (214) (20) (19) Net 39,410 47,753 30,031 36,923
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 40 Allowance for expected credit loss Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 (in million Baht) At 1 January (214) (211) (19) (19) Addition (32) (28) (1) - Reversal 9 10 - - Write-off 73 7 - - Decrease from de-consolidation 8 28 - - - Non-current assets and disposal groups classified as held for sale 8 4 - - - Foreign exchange gains and translation differences (3) 8 - - At 31 December (135) (214) (20) (19) The normal credit term granted by the Group ranges from 7 days to 135 days. 7 Inventories Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) Finished goods 25,634 29,843 12,883 15,847 Work in progress 3,373 3,441 2,681 2,688 Raw materials 11,384 13,660 7,427 8,714 Factory supplies and spare parts 15,147 15,249 12,837 12,778 Goods in transit 3,522 3,029 2,285 1,522 Total 59,060 65,222 38,113 41,549 Inventories recognised as an expense in cost of sales of goods - Cost of sales 463,941 572,130 381,101 472,650 - Write-down to net realisable value 187 2 173 (40) Net 464,128 572,132 381,274 472,610 As at 31 December 2025 and 2024, the Company’s inventories included petroleum legal reserve of 333 million liters with approximate value of Baht 4,662 million and 352 million liters with approximated value of Baht 5,989 million, respectively.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 41 8 Investments in subsidiaries Separate financial statements Type of business Country of operation Ownership Interest Cost Impairment At cost - net Fair value of listed securities Dividend income 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (%) (in million Baht) Subsidiaries Global Green Chemicals Plc. Manufacturing, distributing and transporting oleochemicals products Thailand 72 72 7,400 7,400 - - 7,400 7,400 2,501 3,108 74 - GC Glycol Co., Ltd. (In process of liquidation) Manufacturing and distributing petrochemical products Thailand 100 100 - - - - - - - - - - GC Polyols Co., Ltd. Manufacturing and distributing petrochemical products Thailand 82 82 3,696 3,696 (3,696) - - 3,696 - - - - GC Marketing Solutions Co., Ltd. Holding international business Thailand 100 100 467 467 - - 467 467 - - 230 - GC Maintenance and Engineering Co., Ltd. Provide maintenance, engineering, and plant inspection services Thailand 100 100 155 155 - - 155 155 - - - - GC Ventures Co., Ltd Invest in form of Corporate Venture Capital (CVC) Thailand 100 100 1,805 1,805 (193) (159) 1,612 1,646 - - - - GC Treasury Center Co., Ltd. Financial service management for the group Thailand 100 100 10 10 - - 10 10 - - 165 2,918
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 42 Separate financial statements Type of business Country of operation Ownership Interest Cost Impairment At cost - net Fair value of listed securities Dividend income 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (%) (in million Baht) GC Styrenics Co., Ltd. (In process of liquidation) Manufacturing and distributing petrochemical products Thailand 100 100 5 5 - - 5 5 - - - - GC Oxirane Co., Ltd. (In process of liquidation) Manufacturing and distributing petrochemical products Thailand 100 100 - - - - - - - - - - GC-M PTA Co., Ltd. Manufacturing and distributing petrochemical products Thailand 74 74 4,384 4,384 - - 4,384 4,384 - - - - GC Estate Co., Ltd. Real estate development for rent and to invest and operating a water production plant for use in petrochemical and related industries Thailand 100 100 7,200 7,200 - - 7,200 7,200 - - - - Solution Creation Co., Ltd. Distributing circular products Thailand 100 100 180 180 - - 180 180 - - - - Thai PET Resin Co., Ltd. Manufacturing and distributing chemical products Thailand 44* 44* 988 988 - - 988 988 - - 222 - PTT Phenol Co., Ltd. (In process of liquidation) Manufacturing and distributing petrochemical products Thailand 100 100 126 126 (121) (121) 5 5 - - - - NPC Safety and Environmental Service Co., Ltd. Safety and environmental services Thailand 100 100 165 165 - - 165 165 - - 18 3
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 43 Separate financial statements Type of business Country of operation Ownership Interest Cost Impairment At cost - net Fair value of listed securities Dividend income 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (%) (in million Baht) ENVICCO Limited Manufacturing, distributing and developing recycled plastic and by- products Thailand 70 70 1,211 756 - - 1,211 756 - - - - PTTGC America Corporation Holding and operating international business United States of America 100 100 5,540 5,538 - - 5,540 5,538 - - - - PTTGC International Private Limited Holding and operating international business Singapore 100 100 178,084 125,436 (24,106) (24,106) 153,978 101,330 - - - - Total investments in subsidiaries 211,416 158,311 (28,116) (24,386) 183,300 133,925 2,501 3,108 709 2,921 * Thai PET Resin Co., Ltd. was 44.4 percent held by the Company and 40 percent held by GC-M PTA Co., Ltd. (100% Subsidiary).
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 44 Separate financial statements 2025 2024 (in million Baht) At 1 January 133,925 141,243 Additional share payments - ENVICCO Limited 455 - - PTTGC America Corporation 2 33 - PTTGC International Private Limited 52,648 2,649 Impairment losses - GC Polyols Co., Ltd. (3,696) - - GC Ventures Co., Ltd. (34) - - PTTGC International Private Limited - (10,000) At 31 December 183,300 133,925 Changes in investments in subsidiaries ENVICCO Limited On 5 November 2025, ENVICCO Limited, a subsidiary of the Company, has called for an increase in paid-up capital approved in the Extraordinary General Meeting of Shareholders of the subsidiary held on 5 November 2025 for conducting a Recycled Plastic Project totalling Baht 455 million. The amount was fully paid in November 2025. PTTGC America Corporation On 2 December 2025, PTTGC America Corporation, a subsidiary of the Company, has called for an increase in paid-up capital approved in the Board of Directors’ Meetings of the subsidiary held on 1 December 2025 for the purpose of corporate operation totalling USD 0.07 million or equivalent to Baht 2.22 million. The amount was fully paid in December 2025. During the year ended 31 December 2024, PTTGC America Corporation (“GCA Corp.”), a subsidiary of the Company, has called for an increase in paid -up capital approved in the Board of Directors’ Meetings of the subsidiary held on 23 May 2024 and 29 November 2024 for investment in GC America Sustainability Corporation, a wholly owned subsidiary of GCA Corp., totalling USD 0.90 million or equivalent to Baht 32.87 million. The amount was fully paid during the year ended 31 December 2024. PTTGC International Private Limited On 4 November 2025, PTTGC International Private Limited (“GC Inter”), a subsidiary of the Company, has called for an increase in paid-up capital approved in the Board of Directors’ Meetings of the subsidiary held on 3 November 2025 for investment in PTTGC International (Netherlands) B.V., a subsidiary 100% shareholding by GC Inter, totalling EUR 1,398.24 million or equivalent to Baht 52,648.56 million. The amount was fully paid in November 2025. On 2 December 2024, PTTGC International Private Limited (“GC Inter”), a subsidiary of the Company, has called for an increase in paid-up capital approved in the Board of Directors’ Meetings of the subsidiary held on 29 November 2024 for investment in PTTGC International (Netherlands) B.V., a subsidiary 100% shareholding by GC Inter, totalling EUR 72.98 million or equivalent to Baht 2,648.80 million. The amount was fully paid in December 2024.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 45 Impairment losses on investments in subsidiaries GC Polyols Co., Ltd. During the year ended 31 December 2025, GC Polyols Co., Ltd. (“GCP”), a subsidiary of the Company, was affected by oversupply conditions in the polyols market arising from overseas manufacturers, which resulted in the polyols business performing below expectations. As a result, the Group and the Company identified indications of impairment as the recoverable amounts of the assets of GCP were less than their carrying amounts. The recoverable amounts were determined using the discounted cash flow method, with a discount rate of 7.25%. Following the recognition of impairment losses, the recoverable amounts were equal to the carrying amounts. However, changes in key assumption could result in a change in the impairment losses. The Group and the Company have recognised impairment losses on assets in the consolidated and separate statements of income for the year ended 31 December 2025, as follows: Note Consolidated financial statements Separate financial statements (in million Baht) Impairment losses Investment in a subsidiary 8 - 3,696 Long-term loans to a related party - 667 Property, plant and equipment 12 2,684 - Right-of-use assets 13 1 7 5 - Intangible assets 15 31 - Total 2,890 4,363 GC Ventures Co., Ltd. During the year ended 31 December 2025, the Company recognised an impairment loss on the investment in GC Ventures Co., Ltd., a subsidiary of the Company, totalling Baht 34.26 million in the separate statement of income as the recoverable amount of investment in Interface Polymers Ltd, an investment in financial asset at fair value through other comprehensive income of the Group, was less than its carrying amount. PTTGC International Private Limited During the year ended 31 December 2024, the Company recognised an impairment loss on the investment in PTTGC International Private Limited, a subsidiary of the Company, totalling Baht 10,000 million in the separate statement of income as the recoverable amount of investment in Vencorex Holding S.A.S., an indirect subsidiary of the Group, was less than its carrying amount. The business restructuring of the Vencorex Group On 6 September 2024, Vencorex France S.A.S.U. (“Vencorex France”) and Vencorex TDI S.A.S.U. (“Vencorex TDI”), which are indirect wholly owned subsidiaries of the Group, filed petitions to enter into the judicial reorganisation proceedings under Book VI of the French Commercial Code with the Commercial Court in Lyon. On 10 September 2024, the Commercial Court in Lyon issued an order to accept the petition for consideration and to commence a judicial collective proceeding in respect of Vencorex France and Vencorex TDI. The management of other companies within the Vencorex Group is currently in progress. The Group and the Company have completely recognised a provision for the business restructuring process and impairment losses on assets in the consolidated and separate statements of income. As of now, Vencorex France has completed the sale transactions and transfer of ownership rights for certain assets to the buyers in April 2025.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 46 On 13 May 2025, the Commercial Court in Lyon approved the conclusion of the judicial reorganisation proceedings of Vencorex France and Vencorex TDI and the start of Liquidation Proceedings in which liquidators were appointed to manage remaining assets and liabilities of Vencorex France and Vencorex TDI. Therefore, the management considers that the Group has ceased to have control over both companies and has deconsolidated the indirect wholly owned subsidiaries from the consolidated financial statements, effective from 13 May 2025. The Group derecognised the assets and liabilities of Vencorex France and Vencorex TDI, with total assets of Baht 1,168 million and total liabilities of Baht 2,963 million, including exchange differences on translating financial statements of these subsidiaries, from the consolidated financial statements. The difference on de-consolidation of the subsidiaries, amounting to Baht 1,842 million, was recognised in the consolidated statement of income for the year ended 31 December 2025. On 6 August 2025, the Board of Directors of Vencorex Holding S.A.S. (“Vencorex Holding”), which is indirect wholly owned subsidiary of the Group, approved Vencorex Holding to enter into a Share Purchase Agreement to sell 100% of the ordinary shares of Vencorex US, Inc. (“Vencorex U.S.”) and Vencorex (Thailand) Company Limited (“Vencorex Thailand”) to subsidiaries of Covestro AG. The Share Purchase Agreement was signed on 13 August 2025 and the closing date will take place after the completion of Merger Filing Control. This transaction forms part of the restructuring within the Vencorex group. During the year 2025, the Company granted additional short-term loans to Vencorex Holding amounting to Baht 1,833 million and recognised a full impairment loss in the separate statement of income for the year ended 31 December 2025. As of 31 December 2025, the share purchase transaction had not yet been completed. The Company reversed the impairment losses on the property, plant and equipment of Vencorex U.S. and Vencorex Thailand, which had been previously recognised in the consolidated statement of income in 2024, in order to reflect the value arising from the share sale and purchase transaction. In addition, the assets and liabilities after elimination in the consolidated statement of financial position of both companies were classified as assets and liabilities held for sale amounting to Baht 1,196 million and Baht 393 million, respectively.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 47 9 Investments in joint ventures and associates Consolidated financial statements Type of business Country of operation Ownership Interest Equity method Impairment Equity method - net Dividend income 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (%) (in million Baht) Direct joint ventures PTT Asahi Chemical Co., Ltd. Manufacturing and distributing petrochemical products Thailand 50 50 - - - - - - - - PTT MCC Biochem Co., Ltd. Manufacturing and distributing bioplastic products Thailand 50 50 482 631 (482) - - 631 - - HMC Polymers Co., Ltd. Manufacturing and distributing petrochemical products Thailand 41 41 7,311 8,125 - - 7,311 8,125 - - Revolve Group Limited Manufacturing and distributing chemical products United Kingdom 49 49 181 199 - - 181 199 - - Thai Tank Terminal Limited Service for the storage and handling of liquid chemicals, oil and gas Thailand 36* 36 73 2,620 - - 73 2,620 2 4 9 350 WHA GC Logistics Co., Ltd. Transportation, warehouse management and bagging packing for chemical business Thailand 50 50 4,065 4,063 - - 4,065 4,063 80 - 12,112 15,638 (482) - 11,630 15,638 3 2 9 350
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 48 Consolidated financial statements Type of business Country of operation Ownership Interest Equity method Impairment Equity method - net Dividend income 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (%) (in million Baht) Indirect joint ventures Thai Ethoxylate Co., Ltd. Manufacturing and distributing fatty alcohol ethoxylates Thailand 50 50 806 802 - - 806 802 1 2 7 11 NatureWorks LLC Manufacturing and distributing bioplastic products United States of America 50 50 4,283 4,049 - - 4,283 4,049 - - GGC KTIS Bioindustrial Co., Ltd. Manufacturing and distributing electricity and ethanol from sugarcane Thailand 50 50 - 678 - - - 678 - - Emery Oleochemicals UK Limited Manufacturing and distributing biochemical products United Kingdom 50 50 2,578 3,141 - - 2,578 3,141 - - Entis Co., Ltd. Manufacturing and distributing industrial coating resins and additives South Korea 50 50 217 199 - - 217 199 - - Synthese (Thailand) Co., Ltd. Manufacturing and distributing industrial coating resins and additives Thailand 48 48 471 482 - - 471 482 19 47 8,355 9,351 - - 8,355 9,351 1 4 6 58 Total investments in joint ventures 20,467 24,989 (482) - 19,985 24,989 4 7 5 408 *As at 31 December 2025, the investment in Thai tank Terminal Limited in the proportion of 35.43% was classified as asset held for sale.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 49 Consolidated financial statements Type of business Country of operation Ownership Interest Equity method Impairment Equity method - net Dividend income 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (%) (in million Baht) Direct associates Kuraray GC Advanced Materials Co., Ltd. Manufacturing and distributing petrochemical products Thailand - 33 - 1,401 - - - 1,401 - - PTT Energy Solutions Co., Ltd. (In process of liquidation) Engineering consultant services Thailand 20 20 20 20 (2) (2) 18 18 - - PTT Digital Solutions Co., Ltd. Information and communication technology services Thailand 20 20 946 826 - - 946 826 27 74 Dynachisso Thai Co., Ltd. Manufacturing and distributing chemical products Thailand 42 42 265 265 - - 265 265 1 2 AGC Vinythai Plc. Manufacturing and distributing petrochemical products Thailand 33 33 17,173 17,739 - - 17,173 17,739 5 7 1 571 18,404 20,251 (2) (2) 18,402 20,249 5 9 9 647 Indirect associates S.P. Petpack Inter Group Co., Ltd. Distributing general goods by receiving compensation or following a contract Thailand 25 25 66 53 - - 66 53 - - 66 53 - - 66 53 - - Total investments in associates 18,470 20,304 (2) (2) 18,468 20,302 599 647
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 50 Separate financial statements Type of business Country of operation Ownership Interest Cost method Impairment Cost method - net Fair value of listed securities Dividend income 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (%) (in million Baht) Joint ventures PTT Asahi Chemical Co., Ltd. Manufacturing and distributing petrochemical products Thailand 50 50 996 996 (996) (996) - - - - - - PTT MCC Biochem Co., Ltd. Manufacturing and distributing bioplastic products Thailand 50 50 1,066 1,066 (1,066) - - 1,066 - - - - HMC Polymers Co., Ltd. Manufacturing and distributing petrochemical products Thailand 41 41 14,217 14,217 - - 14,217 14,217 - - - - Revolve Group Limited Manufacturing and distributing chemical products United Kingdom 49 49 269 269 - - 269 269 - - - - Thai Tank Terminal Limited Service for the storage and handling of liquid chemicals, oil and gas Thailand 36* 36 12 459 - - 12 459 - - 249 350 WHA GC Logistics Co., Ltd. Transportation, warehouse management and bagging packing for chemical business Thailand 50 50 820 820 - - 820 820 - - 80 - Total investments in joint ventures 17,380 17,827 (2,062) (996) 15,318 16,831 - - 329 350 *As at 31 December 2025, the investment in Thai tank Terminal Limited in the proportion of 35.43% was classified as asset held for sale.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 51 Separate financial statements Type of business Country of operation Ownership Interest Cost method Impairment Cost method - net Fair value of listed securities Dividend income 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (%) (in million Baht) Associates Kuraray GC Advanced Materials Co., Ltd. Manufacturing and distributing petrochemical products Thailand - 33 - 1,870 - - - 1,870 - - - - PTT Energy Solutions Co., Ltd. (In process of liquidation) Engineering consultant services Thailand 20 20 30 30 (11) (11) 19 19 - - - - PTT Digital Solutions Co., Ltd. Information and communication technology services Thailand 20 20 30 30 - - 30 30 - - 27 74 Dynachisso Thai Co., Ltd. Manufacturing and distributing chemical products Thailand 42 42 294 294 - - 294 294 - - 1 2 AGC Vinythai Plc. Manufacturing and distributing petrochemical products Thailand 33 33 11,375 11,375 - - 11,375 11,375 - - 571 571 Total investments in associates 11,729 13,599 (11) (11) 11,718 13,588 - - 599 647
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 52 Material movements Consolidated financial statements Separate financial statements for the years ended 31 December 2025 2024 2025 2024 (in million Baht) Joint Ventures Additional share payments - GGC KTIS Bioindustrial Co., Ltd. - 107 - - Classification of investment in Thai Tank Terminal Limited as asset held for sale (2,584) - (446) - Impairment loss - PTT Asahi Chemical Co., Ltd. - - - (996) - PTT MCC Biochem Co., Ltd. (482) - (1,066) - Associates Change in ownership interest in Kuraray GC Advanced Materials Co., Ltd. (524) - (746) - Disposal of investments - Kuraray GC Advanced Materials Co., Ltd. (790) - (1,124) - - PTT Digital Solutions Co., Ltd. - (776) - (30) Changes in investments in joint ventures and associates GGC KTIS Bioindustrial Co., Ltd. During the year ended 31 December 2024, GGC KTIS Bioindustrial Co., Ltd., an indirect joint venture of the Group, has called for an increase in paid -up capital of 7,150,000 shares at Baht 15 per share, totalling Baht 107.25 million, from GGC Biochemicals C o., Ltd., an indirect subsidiary of the Group. The amount was fully paid during the year ended 31 December 2024. Thai Tank Terminal Limited On 22 September 2025, at the Board of Directors’ Meeting of the Company approved the Company to sell ordinary shares in Thai Tank Terminal Limited (“TTT”), a direct joint venture of the Group, at par value of Baht 100 per share to PTT Tank Terminal Limited (“PTT TANK”) in the number of 4,463,999 shares, which is equivalent to 35.43% of the total issued and paid -up shares of TTT, at the price of approximately Baht 986.34 per share in the total amount of Baht 4,403 million. The Company may be entitled to receive an earn out, calculated based on the present value of the estimated cash flows that TTT will receive under the renewal of the Ethane storage tank service agreement entered into with the Company, during the period from 2044 to 2052, subject to a maximum amount of Baht 604 million. The Company will receive this portion of consideration once the Company has entered i nto the Ethane storage tank service agreement with TTT, in accordance with the conditions set forth in the share sale and purchase agreement. In addition, the sale and purchase price may be subject to a downward adjustment should the value of the ethane ta nk construction project after the bidding exceeds the allocated budget. Any such purchase price adjustment will be implemented after the date the transaction is completed in accordance with the mechanism set out in the agreement. As a result, the Company will retain 126,000 shares in TTT, which is equivalent to 1.00% of the total issued and paid -up shares of TTT. This retained shareholding is intended to ensure compliance with the shareholding structure requirements under the Public-Private Partnership (PPP) contract between TTT and the Industrial Estate Authority of Thailand, which stipulates that existing shareholders must collectively hold no less than 51.00% of the total shares, and approved that the Company to enter into a share sale and purchase agreement with PTT TANK. At the Extraordinary General Meeting of Shareholders No. 1/2025 of the Company held on 18 November 2025, the shareholders approved such transaction. As at 31 December 2025, the investment in TTT in the proportion of 35.43% was classified as an asset held for sale in the consolidated and separate statements of financial position amounting to Baht 2,584 million and Baht 446 million, respectively.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 53 Kuraray GC Advanced Materials Company Limited On 22 September 2025, at the Board of Directors’ Meeting of the Company approved the Company to sell ordinary shares in Kuraray GC Advanced Materials Company Limited (“KGC”), a direct associate of the Group, to the subsidiary of Kuraray Company Limited (“KRR”) in the proportion of 20.1% of the ordinary shares of KGC for the purpose of the Company’s portfolio transformation initiative. Subsequently, on 14 October 2025, the Company entered into a share sale and purchase agreement of KGC and completed the sales of ordinary shares in KGC to the subsidiary of KRR on 20 October 2025, resulting in a loss from sale of investment in an associate recognised in the consolidated and separate statements of income amounting to Baht 6.21 million and Baht 334.43 million, respectively. As a result, the Company’s shareholding interest in KGC decreased from 33.4% before the sale of shares to 13.3% after the sale of shares. The Company reclassified the remaining investment in KGC as a non-current financial assets measured at fair value through other comprehensive income. The loss on remeasurement of fair value at the date of reclassification was presented as part of the loss from sale of investment in an associate in the consolidated and separate statements of income amounting to Baht 4.12 million and Baht 221.84 million, respectively. PTT Digital Solutions Co., Ltd. On 22 April 2024, the Board of Directors’ Meeting of the Company approved the Company to sell ordinary shares in PTT Digital Solutions Co., Ltd. (“PTT Digital”), a d irect associate of the Group, to Modulus Venture Company Limited (“Modulus”) in the proportion of 20% of the ordinary shares of PTT Digital or equivalent to Baht 1,023 million for the purpose of adjusting of shareholding interest in the information technology services business of the Company. The Company has entered into a share sale and purchase agreement and completed the sales of ordinary shares in PTT Digital to Modulus on 25 June 2024, with gain from sale of investment in an associate recognised in the consolidated and separate statements of income amounting to Baht 247.50 million and Baht 993 million, respectively. As a result, the Company’s shareholding interest in PTT Digital decreased from 40% before the sale of shares to 20% after the sa le of shares, with the remaining investment in PTT Digital continuing to be recognised as an associate of the Group. Impairment losses on investments in joint ventures PTT Asahi Chemical Co., Ltd. During the year ended 31 December 2024, the Company recognised an impairment loss on the investment in PTT Asahi Chemical Co., Ltd. (“PTTAC”), a direct joint venture of the Group, totalling Baht 996 million in the separate statement of income and share of loss of joint venture accounted for using equity method of Baht 9,449.52 million in the consolidated statement of income which consist of its financial performance, impairment loss on assets of PTTAC and others (based on the assessed fair value less cost of disposal for these assets). The recoverable amount s were less than their carrying amounts, mainly due to market slowdown leading to long -term oversupply. The cessation of business has been announced. As at 31 December 2024, the Group and the Company have no outstanding investment balance in PTTAC. However, the Company has completely recognised a provision expenses of Baht 3,035 million. During the year 2025, PTTAC reviewed the related provision following the completion of the contractor selection process for the dismantling of the plant and buildings. As a result, the estimated dismantling costs were lower than the previously recognised provision. Accordingly, the Company reversed the provision amounting to Baht 2,035 million, resulting in the remaining provision of Baht 1,000 million as at 31 December 2025. Subsequently, in January 2026, the Company paid for an increase in paid-up capital of PTTAC amounting to Baht 500 million, resulting in the remaining provision after the capital increase of Baht 500 million.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 54 PTT MCC Biochem Co., Ltd. During the year ended 31 December 2025, the Company recognised an impairment loss on the investment in PTT MCC Biochem Co., Ltd., a direct joint venture of the Group, totalling Baht 482.3 million and Baht 1,066.04 million in the consolidated and separate statements of income, respectively, as the Company considered that the recoverable amount of such investment was less than the investment at equity method in the consolidated financial statements and its carrying amount in the separate financial statements. Material joint ventures and associates The following table summarises the financial information of the material joint ventures and associates as included in their own financial statements, adjusted for fair value adjustments at acquisition and differences in accounting policies. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in these companies. HMC Polymers Co., Ltd. 2025 2024 (in million Baht) For the years ended 31 December Statement of income Revenue 27,511 26,361 Loss from continuing operations (1,809) (2,691) Other comprehensive income (loss) (155) (1,063) Total comprehensive income (loss) (100%) (1,964) (3,754) As at 31 December Statement of financial position Current assets 7,646 8,308 Non-current assets 25,958 27,493 Current liabilities (9,514) (9,418) Non-current liabilities (13,779) (14,107) Net assets (100%) 10,311 12,276 Group’s share of net assets 4,273 5,087 Goodwill 3,038 3,038 Carrying amount of interest in joint ventures 7,311 8,125 Remark: Cash and cash equivalents 693 281 Depreciation and amortisation 2,011 2,168 The reconciliation of the summarised financial information to the carrying amount of the Group’s interest in these joint ventures. HMC Polymers Co., Ltd. 2025 2024 (in million Baht) Group’s interest in net assets of investee as at 1 January 8,125 9,681 Total comprehensive income (loss) attributable to the Group (814) (1,556) Carrying amount of interest in investee as at 31 December 7,311 8,125
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 55 AGC Vinythai Plc. 2025 2024 (in million Baht) For the year ended 31 December Statement of income Revenue 30,438 33,809 Profit from continuing operations 374 2,789 Other comprehensive income (loss) (358) (35) Total comprehensive income (100%) 16 2,754 As at 31 December Statement of financial position Current assets 9,838 14,084 Non-current assets 40,915 36,331 Current liabilities (6,405) (4,604) Non-current liabilities (2,296) (2,430) Net assets (100%) 42,052 43,381 Non-controlling interests (298) (326) Total attributions to owners of the parents 41,754 43,055 Group’s share of net assets 13,662 14,088 Elimination of unrealised profit on downstream sales 2 (11) Purchase price allocation 2,657 2,810 Goodwill 852 852 Carrying amount of interest in associate 17,173 17,739 Remark: Cash and cash equivalents 2,380 5,921 Depreciation and amortisation 1,203 1,462 The reconciliation of the summarised financial information to the carrying amount of the Group’s interest in this associate. AGC Vinythai Plc. 2025 2024 (in million Baht) Group’s interest in net assets of investee as at 1 January 17,739 17,409 Total comprehensive income attributable to the Group 5 901 Dividend received during the year (571) (571) Carrying amount of interest in investee as at 31 December 17,173 17,739
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 56 Immaterial joint ventures and associates The following is summarized financial information for the Group’s interest in immaterial joint ventures and associates based on the amounts reported in the Group’s consolidated financial statements: Immaterial Joint ventures Immaterial Associates 2025 2024 2025 2024 (in million Baht) For the years ended 31 December Carrying amount of interests in immaterial joint ventures and associates 12,674 16,864 1,295 2,563 Group’s share of: - Profit (loss) from continuing operations (1,009) (998) 160 (17) - Other comprehensive income (loss) 270 203 - (19) - Total comprehensive income (loss) (739) (795) 160 (36) 10 Marketable financial assets Consolidated financial statements Marketable equity and debt securities At 1 January Purchase Disposal Fair value adjustment Currency translation At 31 December (in million Baht) 2025 Current financial assets Debt securities measured at - FVOCI 353 - (147) 1 - 207 Non-current financial assets Equity securities measured at - FVOCI 10,793 - - (640) - 10,153 Debt securities measured at - FVPL 275 - - (19) - 256 - FVOCI 523 - (464) 3 - 62 Total 11,591 - (464) (656) - 10,471 2024 Current financial assets Debt securities measured at - FVOCI 797 - (449) 5 - 353 Non-current financial assets Equity securities measured at - FVOCI 13,696 - - (2,903) - 10,793 Debt securities measured at - FVPL 316 - - (41) - 275 - FVOCI 842 - (329) 10 - 523 Total 14,854 - (329) (2,934) - 11,591
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 57 Separate financial statements Marketable equity and debt securities At 1 January Purchase Disposal Fair value adjustment At 31 December (in million Baht) 2025 Current financial assets Debt securities measured at - FVOCI 353 - (147) 1 207 Non-current financial assets Equity securities measured at - FVOCI 10,786 - - (634) 10,152 Debt securities measured at - FVPL 275 - - (19) 256 - FVOCI 523 - (464) 3 62 Total 11,584 - (464) (650) 10,470 2024 Current financial assets Debt securities measured at - FVOCI 797 - (449) 5 353 Non-current financial assets Equity securities measured at - FVOCI 13,675 - - (2,889) 10,786 Debt securities measured at - FVPL 316 - - (41) 275 - FVOCI 842 - (329) 10 523 Total 14,833 - (329) (2,920) 11,584
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 58 11 Investment properties Consolidated financial statements Separate financial Land Buildings and buildings improvement Investment property under construction Total statements Land (in million Baht) Cost As at 1 January 2024 6,035 44 1 6,080 1,296 Additions - - 2 2 - Transfers 163 - - 163 89 As at 31 December 2024 and 1 January 2025 6,198 44 3 6,245 1,385 Transfers (18) 7 (3) (14) (14) Disposal (287) - - (287) - As at 31 December 2025 5,893 51 - 5,944 1,371 Accumulated depreciation As at 1 January 2024 - 7 - 7 - Depreciation charge for the year - 2 - 2 - Transfers - (1) - (1) - As at 31 December 2024 and 1 January 2025 - 8 - 8 - Depreciation charge for the year - 3 - 3 - Transfers - 1 - 1 - As at 31 December 2025 - 12 - 12 - Net book value As at 31 December 2024 6,198 36 3 6,237 1,385 As at 31 December 2025 5,893 39 - 5,932 1,371 The fair value of investment properties of t he Group as at 31 December 2025 of Baht 7,800 million (2024: Baht 8,005 million) was determined at open market values on an existing use basis and income approach. The fair value measurement for investment properties has been mainly categorised as Levels 2. The fair value of investment properties of the Company as at 31 December 2025 of Baht 2,768 million (2024: Baht 2,626 million) was determined at open market values on an existing use basis. The fair value measurement for investment properties has been categorised as a Level 2 fair value. Measurement of fair value Level 2 fair value The fair value of investment properties for land was determined by independent property valuers at open market values by scoring and weighted other different factors. Consolidated financial statements Separate financial statements Year ended 31 December 2025 2024 2025 2024 Amounts recognised in profit or loss (in million Baht) Rental income 231 174 150 137
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 59 12 Property, plant and equipment Consolidated financial statements Note Land and land improvement Plant, machinery, equipment and factory tools Buildings and buildings improvement Furniture, fixtures and equipment Vehicles Assets under construction Total (in million Baht) Cost As at 1 January 2024 18,148 481,270 33,191 4,294 810 25,546 563,259 Additions 2 3,056 25 171 9 10,041 13,304 Transfers (122) 10,286 1,976 309 12 (12,706) (245) Disposals (19) (2,378) (65) (275) (42) (14) (2,793) Effect from exchange differences on translating financial statements (339) (3,153) (875) (134) (7) (240) (4,748) As at 31 December 2024 and 1 January 2025 17,670 489,081 34,252 4,365 782 22,627 568,777 Additions 3 2,099 15 182 7 11,633 13,939 Transfers 172 11,752 456 256 3 (12,714) (75) Disposals (573) (7,443) (843) (122) (21) (71) (9,073) Decrease from de-consolidation 8 (279) (6,711) (833) - - (652) (8,475) Non-current assets and disposal groups classified as held for sale 8 (150) (7,519) (562) (15) - (2) (8,248) Effect from exchange differences on translating financial statements 112 543 140 (8) 2 (479) 310 As at 31 December 2025 16,955 481,802 32,625 4,658 773 20,342 557,155
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 60 Consolidated financial statements Note Land and land improvement Plant, machinery, equipment and factory tools Buildings and buildings improvement Furniture, fixtures and equipment Vehicles Assets under construction Total (in million Baht) Accumulated depreciation and allowance for impairment As at 1 January 2024 1,472 255,514 14,329 3,218 720 2,146 277,399 Depreciation charge for the year 141 19,616 1,574 368 33 - 21,732 Transfers - 1 (1) - 12 - 12 Disposals (4) (1,997) (42) (274) (40) - (2,357) Impairment losses 395 4,636 1,091 6 - 639 6,767 Effect from exchange differences on translating financial statements (31) (1,967) (392) (92) (5) (58) (2,545) As at 31 December 2024 and 1 January 2025 1,973 275,803 16,559 3,226 720 2,727 301,008 Depreciation charge for the year 137 17,370 1,259 375 16 - 19,157 Transfers - 2 (2) - 3 - 3 Disposals (10) (7,075) (835) (119) (18) - (8,057) (Reversal of) impairment losses 8 5 1,788 59 (1) - 46 1,897 Decrease from de-consolidation 8 (279) (6,711) (833) - - (652) (8,475) Non-current assets and disposal groups classified as held for sale 8 (149) (4,692) (370) (15) - (2) (5,228) Effect from exchange differences on translating financial statements 3 384 70 (32) 1 (117) 309 As at 31 December 2025 1,680 276,869 15,907 3,434 722 2,002 300,614 Net book value As at 31 December 2024 Owned assets 15,697 213,278 17,693 1,139 62 19,900 267,769 As at 31 December 2025 Owned assets 15,275 204,933 16,718 1,224 51 18,340 256,541
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 61 Separate financial statements Land and land improvement Plant, machinery, equipment and factory tools Buildings and buildings improvement Furniture, fixtures and equipment Vehicles Assets under construction Total (in million Baht) Cost As at 1 January 2024 7,662 397,769 15,517 1,932 494 12,000 435,374 Additions 1 2,628 15 29 2 4,984 7,659 Transfers (75) 4,734 56 72 9 (4,890) (94) Disposals (12) (1,742) (4) (219) (11) (7) (1,995) As at 31 December 2024 and 1 January 2025 7,576 403,389 15,584 1,814 494 12,087 440,944 Additions 1 1,704 3 32 - 7,967 9,707 Transfers 153 9,212 81 7 - (9,454) (1) Disposals (561) (4,033) (2) (47) (6) (16) (4,665) Non-current assets and disposal groups classified as held for sale (4) (5,633) (39) - - - (5,676) As at 31 December 2025 7,165 404,639 15,627 1,806 488 10,584 440,309
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 62 Separate financial statements Land and land improvement Plant, machinery, equipment and factory tools Buildings and buildings improvement Furniture, fixtures and equipment Vehicles Assets under construction Total (in million Baht) Accumulated depreciation As at 1 January 2024 888 212,355 7,611 1,644 450 270 223,218 Depreciation charge for the year 66 14,236 493 107 20 - 14,922 Transfers - - - - 9 - 9 Disposals - (1,581) (3) (218) (11) - (1,813) As at 31 December 2024 and 1 January 2025 954 225,010 8,101 1,533 468 270 236,336 Depreciation charge for the year 65 13,769 471 92 7 - 14,404 Transfers - - - - - - - Disposals - (3,921) (2) (47) (6) - (3,976) Non-current assets and disposal groups classified as held for sale (3) (3,215) (9) - - - (3,227) As at 31 December 2025 1,016 231,643 8,561 1,578 469 270 243,537 Net book value As at 31 December 2024 Owned assets 6,622 178,379 7,483 281 26 11,817 204,608 As at 31 December 2025 Owned assets 6,149 172,996 7,066 228 19 10,314 196,772
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 63 Security As at 31 December 2025, property, plant and equipment of the Group with net book value of Baht 8,232 million (2024: Baht 8,763 million) were registered to secured a loans from financial institutions (see Note 16). In addition, a subsidiary pledged bank accounts and various rights to the financial institutions. Thus, bank deposits placed as collateral can be withdrawn in accordance with the objectives and conditions specified in the loan agreement. Capitalised borrowing costs relating to the construction of a new factory for the Group amounted to Baht 69 million (2024:the Group amounted to Baht 103 million), with capitalisation rates of 5.00% per annum (2024:the Group 3.38% to 6.25% per annum). Review of the useful life of assets In 2025, the management reviewed the useful life of assets through an assessment based on information obtained from internal and external sources that are consistent with industry practices. As a result, changes in the estimated useful life of certain classes of assets has been recognised prospectively from 1 October 2025 as follow: Consolidated financial statements Separate financial statements For the year ended 31 December 2025 2024 2025 2024 Plant, machinery, equipment and factory tools 5 - 50 years 5 - 50 years 5 - 50 years 5 - 50 years Buildings and buildings improvement 5 - 40 years 5 - 40 years 5 - 40 years 5 - 40 years Land improvement 5 - 40 years 5 - 35 years 5 - 40 years 5 - 35 years The change in the estimated useful lives of assets resulted in decreases in depreciation expenses of the Group and the Company for the year ended 31 December 2025 amounting to Baht 337 million and Baht 319 million, respectively. The restructuring of the jetty and tank farm storage business On 22 September 2025, the Board of Directors’ Meeting has resolved to approve the restructuring of the jetty and tank farm storage business, which the Company will involve the sale of certain assets relating to the Company's Branch 7 Jetty and Buffer Tank Farm (BTF), namely jetty, tank farm storage, truck loading and unloading systems, tools and other related equipment, including the transfer of customer service rights and land use rights, as well as the transfer of key licenses used in operating the jetty and tank farm storage business, to a subsidiary of PTT Tank Terminal Limited to be newly established. The sale of assets and related transactions amounted to a total consideration of Baht 4,840 million. After the Company has completed the transfer and sale of assets, the Company will lease back certain assets, including receiving jetty and common facilities services, enabling the Company to us e the leased assets and receiving services for the Company's operations without affecting the Company's operations. At the Extraordinary General Meeting of Shareholders No. 1/2025 of the Company held on 18 November 2025, the shareholders approved such transaction. As at 31 December 2025, property, plant and equipment and intangible assets related to such transactions amounting to Baht 2,449 million and Baht 46 million, respectively, were classified as assets held for sale in the consolidated and separate statements of financial position.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 64 13 Leases Right-of-use assets Consolidated financial statements Separate financial statements As at 31 December 2025 2024 2025 2024 (in million Baht) Land and land improvement 11,138 11,788 9,345 9,863 Plant, machinery, equipment and factory tools 12,957 14,185 11,448 12,430 Buildings and buildings improvement 1,095 1,328 85 147 Furniture, fixtures and equipment 113 181 29 59 Vehicles 615 623 278 232 Total 25,918 28,105 21,185 22,731 In 2025, additions to the right-of-use assets of the Group and the Company were Baht 1,218 million and Baht 383 million, respectively (2024: Baht 6,606 million and Baht 5,210 million , respectively). The Group leases a number of plots of land and land improvement for 2 to 96 years. Extension options The Group has extension options on property leases exercisable up to one year before the end of the contract period. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options and will regularly reassess so. Year ended 31 December Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) Amounts recognised in profit or loss Depreciation of right-of-use assets: - Land and land improvement 725 781 549 596 - Plant, machinery, equipment and factory tools 1,438 1,533 1,069 1,061 - Buildings and buildings improvement 362 496 50 53 - Furniture, fixtures and equipment 131 135 44 53 - Vehicles 375 395 165 164 Interest expense on lease liabilities - Net of interest capitalised as part of asset under construction 939 1,039 734 810 Expense relating to short-term leases 62 67 9 10 Expense relating to leases of low value assets 152 122 82 86 Expense relating to variable lease payments not included in the measurement of the lease liability 117 149 115 148 Security As at 31 December 2025, net book value of right-of-use assets of the Group of CNY 43 million (equivalent to Baht 195 million) and 353 million (2024: CNY 44 million (equivalent to Baht 206 million) and 377 million) were registered to secured loans from financial institutions (see Note 16).
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 65 14 Goodwill Consolidated financial statements 2025 2024 (in million Baht) Cost As at 1 January 71,015 76,089 Decrease - - Effect of movements in exchange rates 3,375 (5,074) As at 31 December 74,390 71,015 Impairment testing for CGUs containing goodwill For the purposes of impairment testing, goodwill has been allocated to the Group’s CGU which is substantially represented by Allnex Holding GmbH and its subsidiaries. The recoverable amount was based on value in use, estimated using discounted cash flows. The fair value measurement was categorised as a Level 3 fair value. The recoverable amount of CGU relating to goodwill arising from the cash flow projections included specific estimates for ten years and a terminal growth rate thereafter to aligned with long-term business plan of the Group . The terminal growth rate was determined based on managemen t’s estimate of the long-term annual EBITDA growth rate, consistent with the assumptions that a market participant would make. The key assumptions used in the estimation of the recoverable amount The discount rate was based on the weighted average cost of capital, derived using a risk free rate referencing a 10-year government bond, market risk premium and average group beta at a discount rate for the year 2025 in the range of 7.6% - 8.1% (2024: 7.5%). The forecasted growth in EBITDA was derived based on the expectations of industry, regional and global macroeconomic information. With references to historical data, internal and external sources of information, applicable adjustments have been reflected to the increases in revenue and corresponding expenditures ranging from raw material and utilities prices, logistic costs to research, innovations and development to enhance product and services standards in satisfying diverse customer requirements and demands at a growth rate in the range of 7% - 15% (2024: 10%). From the impairment assessment using the Group’s assumptions and discount rates , the recoverable amount of CGU was higher than its carrying amount, therefore, no impairment loss was recognised in the consolidated financial statements. Management is a ware that if there were to be changes to two key assumptions, either an increase in discount rate of 20% - 26% (2024: 17%) of group weighted average cost of capital or a decrease in the forecasted EBITDA growth rate in excess of 19% - 25% (2024: 19%) , the calculated recoverable amount will approximately be equal to the carrying amount.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 66 15 Intangible assets Consolidated financial statements Customer contracts and the related Intangible assets Production Computer customer Right to use under Note licence fees software relationships Others development Total (in million Baht) Cost As at 1 January 2024 9,209 10,471 21,757 42,791 801 85,029 Additions 7 21 - 316 725 1,069 Transfers 36 515 - 9 (630) (70) Disposals (27) (319) - (186) - (532) Effect from exchange differences on translating financial statements 10 (340) (1,481) (2,921) (17) (4,749) As at 31 December 2024 and 1 January 2025 9,235 10,348 20,276 40,009 879 80,747 Additions 57 26 - 228 896 1,207 Transfers 6 548 - 161 (722) (7) Disposals (20) (60) (20) (1,062) - (1,162) Decrease from de-consolidation 8 - (91) - (17) (26) (134) Non-current assets and disposal groups classified as held for sale 8, 12 - (123) (125) (124) - (372) Effect from exchange differences on translating financial statements 1 188 977 1,896 7 3,069 As at 31 December 2025 9,279 10,836 21,108 41,091 1,034 83,348
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 67 Consolidated financial statements Customer contracts and the related Intangible assets Production Computer customer Right to use under Note licence fees software relationships Others development Total (in million Baht) Accumulated amortisation and allowance for impairment As at 1 January 2024 4,398 7,032 5,666 8,887 22 26,005 Amortisation charge for the year 378 892 707 2,039 - 4,016 Transfer - 1 - - - 1 Disposal (27) (313) - (103) - (443) Impairment losses - 11 - 181 27 219 Effect from exchange differences on translating financial statements 13 (268) (431) (746) (2) (1,434) As at 31 December 2024 and 1 January 2025 4,762 7,355 5,942 10,258 47 28,364 Amortisation charge for the year 371 806 686 2,004 - 3,867 Disposal (20) (58) (20) (1,001) - (1,099) Decrease from de-consolidation 8 - (91) - (17) (26) (134) Impairment losses 8 27 1 - - - 28 Non-current assets and disposal groups classified as held for sale 8, 12 - (76) (125) (125) - (326) Effect from exchange differences on translating financial statements - 137 276 463 1 877 As at 31 December 2025 5,140 8,074 6,759 11,582 22 31,615 Net book value As at 31 December 2024 4,473 2,993 14,334 29,751 832 52,383 As at 31 December 2025 4,139 2,762 14,349 29,509 1,012 51,771
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 68 Separate financial statements Production Computer Right to use Intangible assets under Note licence fees software others development Total (in million Baht) Cost As at 1 January 2024 8,511 5,138 73 492 14,214 Additions 3 3 5 339 350 Transfers - 249 6 (256) (1) Disposal - (6) - - (6) As at 31 December 2024 and 1 January 2025 8,514 5,384 84 575 14,557 Additions 18 3 - 540 561 Transfers - 162 155 (317) - Non-current assets and disposal groups classified as held for sale 12 - (80) - - (80) Disposal - - - - - As at 31 December 2025 8,532 5,469 239 798 15,038 Accumulated amortisation As at 1 January 2024 3,866 3,452 42 22 7,382 Amortisation charge for the year 337 340 9 - 686 As at 31 December 2024 and 1 January 2025 4,203 3,792 51 22 8,068 Amortisation charge for the year 325 312 10 - 647 Non-current assets and disposal groups classified as held for sale 12 - (34) - - (34) As at 31 December 2025 4,528 4,070 61 22 8,681 Net book value As at 31 December 2024 4,311 1,592 33 553 6,489 As at 31 December 2025 4,004 1,399 178 776 6,357
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 69 16 Interest-bearing liabilities Short-term borrowings Short-term borrowings balances as at 31 December 2025 and 2024 were as follows: Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 (in million Baht) Short-term borrowings from financial institutions - Secured 1,415 392 - - - Unsecured 767 723 - - Short-term borrowings from related parties - Unsecured 4 - - 1,359 2,612 Total 2,182 1,115 1,359 2,612 Long-term borrowings Long-term borrowings balances as at 31 December 2025 and 2024 were as follows: Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 (in million Baht) Current Current portion of long-term borrowings from financial institutions - Secured 707 360 - - - Unsecured 676 20,511 - 19,357 Current portion of long-term borrowings from related parties - Unsecured 4 - - - 835 Current portion of long-term borrowings from other parties - Unsecured 10 97 - - Total current 1,393 20,968 - 20,192 Non-current Long-term borrowings from financial institutions - Secured 7,546 8,426 - - - Unsecured 23,107 71,441 - 42,092 Long-term borrowing from a related party - Unsecured 4 - - 75,201 50,849 Long-term borrowings from other parties - Unsecured 95 202 - - Total non-current 30,748 80,069 75,201 92,941 Total 32,141 101,037 75,201 113,133
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 70 As at 31 December 2025, the Group had unutilised credit facilities totalling Baht 29,896 million (2024: Baht 28,576 million). As at 31 December 2025, the Group pledged some bank accounts, some of the property, plant and equipment and various rights as collateral as reported to financial institutions. H owever, the pledged bank accounts can be withdrawn with the objective and conditions stipulated in lo an agreements (see Notes 12 and 13). As at 31 December 2025, the Group had long-term and revolving long-term credit facility agreements with several financial institutions totalling Baht 32,037 million and the Company had no outstanding long‑term borrowings (2024: Baht 100,739 million and Baht 61,449 million, respectively) which bear different interest rates and repayment terms as specified in each agreement. The Group is required to comply with certain covenants pertaining to maintain ing certain financial ratios, percentage of share held by the major shareholder and other conditions as specified in each agreement. Details of the Group’s facilities from financial institutions as at 31 December 2025 were as follows: Facilities Currency (in million) Interest Rates (% p.a.) Repayment Terms Subsidiaries Baht 6,004 THOR plus margin Principal is repayable on a semi-annual basis, in 20 instalments commencing from February 2021. Baht 1,250 THOR plus margin Principal is repayable on a semi-annual basis, in 20 instalments commencing from April 2023. Baht 755 Highest interest rate for 6 month-fixed deposit plus margin Principal is repayable on a semi-annual basis, in 10 instalments commencing from June 2024. CNY 600.91 LPR minus margin Principal is repayable on a semi-annual basis, in 10 instalments commencing from December 2025. EUR 450 EURIBOR 1/3/6M plus margin Principal is repayable once in October 2029. USD 200 SOFR plus margin Principal is repayable once in October 2029. Baht 755 THOR plus margin Principal is repayable on a semi-annual basis, in 10 instalments commencing from June 2024. USD 1.93 Fixed rate Principal is repayable on a quarterly basis, in 15 instalments commencing from October 2023. As at 31 December 2025, the subsidiaries’ long-term borrowings and debentures were guaranteed by the Company totalling Baht 41,213 million (2024: Baht 52,543 million) (see Note 27). Debentures Debentures balances as at 31 December 2025 and 2024 were as follows: Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) Current Current portion of debentures - Unsecured 6,999 - 6,999 - Total current 6,999 - 6,999 -
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 71 Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) Non-current Debentures - Unsecured 112,272 127,037 71,467 78,456 Total non-current 112,272 127,037 71,467 78,456 Total 119,271 127,037 78,466 78,456 Details of the Group’s debentures as at 31 December 2025 were as follows: Facilities Face value Interest rates Currency (in million) per share Years (% p.a.) Repayment Terms The Company Unsubordinated debenture unsecured without a debenture holders’ representative Baht 7,000 1,000 7 2.43 Interest is payable on a semi-annual basis and maturity in September 2026. Unsubordinated debenture unsecured without a debenture holders’ representative Baht 1,500 1,000 10 2.75 Interest is payable on a semi-annual basis and maturity in September 2029. Unsubordinated debenture unsecured with a debenture holders’ representative Baht 1,530 1,000 7 2.60 Interest is payable on a semi-annual basis and maturity in April 2027. Unsubordinated debenture unsecured with a debenture holders’ representative Baht 3,310 1,000 10 2.99 Interest is payable on a semi-annual basis and maturity in April 2030. Unsubordinated debenture unsecured with a debenture holders’ representative Baht 4,360 1,000 12 3.29 Interest is payable on a semi-annual basis and maturity in April 2032. Unsubordinated debenture unsecured with a debenture holders’ representative Baht 5,800 1,000 15 3.50 Interest is payable on a semi-annual basis and maturity in April 2035. Unsubordinated debenture unsecured with a debenture holders’ representative Baht 14,000 1,000 5 2.13 Interest is payable on a semi-annual basis and maturity in January 2027. Unsubordinated debenture unsecured with a debenture holders’ representative Baht 2,000 1,000 7 2.65 Interest is payable on a semi-annual basis and maturity in January 2029. Unsubordinated debenture unsecured with a debenture holders’ representative Baht 2,000 1,000 10 3.05 Interest is payable on a semi-annual basis and maturity in January 2032.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 72 Facilities Face value Interest rates Currency (in million) per share Years (% p.a.) Repayment Terms Unsubordinated debenture unsecured with a debenture holders’ representative Baht 12,000 1,000 12 3.29 Interest is payable on a semi-annual basis and maturity in January 2034. Unsubordinated debenture unsecured with a debenture holders’ representative Baht 5,000 1,000 5 3.21 Interest is payable on a semi-annual basis and maturity in June 2027. Unsubordinated debenture unsecured with a debenture holders’ representative Baht 3,000 1,000 12 4.00 Interest is payable on a semi-annual basis and maturity in June 2034. Unsubordinated debenture unsecured with a debenture holders’ representative and debenture issuer has right to redeem the debentures prior to maturity after one year of issuance Baht 17,000 1,000 7 3.50 Interest is payable on a semi-annual basis and maturity in June 2029. Subsidiaries Unsubordinated debenture at 98.68% of the face value unsecured with a debenture holders’ representative and the debenture issuer can early redeem regarding the rights and obligations USD 630 1,000 10 2.98 Interest is payable on a semi-annual basis and maturity in March 2031. Unsubordinated debenture at 98.41% of the face value unsecured with a debenture holders’ representative and the debenture issuer can early redeem regarding the rights and obligations USD 274.85 1,000 30 4.30 Interest is payable on a semi-annual basis and maturity in March 2051. Unsubordinated debenture at 99.41% of the face value unsecured with a debenture holders’ representative and the debenture issuer can early redeem regarding the rights and obligations USD 338.63 1,000 10 4.40 Interest is payable on a semi-annual basis and maturity in March 2032.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 73 Facilities Face value Interest rates Currency (in million) per share Years (% p.a.) Repayment Terms Unsubordinated debenture at 99.43% of the face value unsecured with a debenture holders’ representative and the debenture issuer can early redeem regarding the rights and obligations USD 61.44 1,000 30 5.20 Interest is payable on a semi-annual basis and maturity in March 2052. Repurchase and cancellation of debentures During the year ended 31 December 2025, GC Treasury Center Co., Ltd. (“GCTC”), a subsidiary of the Company, made a partial tender offer for repurchase and cancellation of debentures totalling USD 141.022 million. The Group recorded a gain from such transaction amounting to Baht 589 million in other income in the consolidated statements of income. These repurchase and cancellation were made into 2 tranches as below: - Repurchased and partially cancelled debentures totalling USD 99.482 million was the unsecured and unsubordinated debentures which were issued and offered to investors and foreign institutional investors in March 2021 in the amount of USD 550 million with 30-year tenor and fixed coupon rate of 4.30% per annum. As at 31 December 2025, GCTC has an outstanding balance of the debentures due in the year 2051 amounting to USD 274.849 million. - Repurchased and partially cancelled debentu res totalling USD 41.540 million was the unsecured and unsubordinated debentures which were issued and offered to investors and foreign institutional investors in March 2022 in the amount of USD 300 million with 30-year tenor and fixed coupon rate of 5.20% per annum. As at 31 December 2025, GCTC has an outstanding balance of the debentures due in the year 2052 amounting to USD 61.440 million. During the year ended 31 December 2024, GC Treasury Center Co., Ltd. (“GCTC”), a subsidiary of the Company, has made the partial tender offer for repurchasing and cancelling debentures totalling USD 749.224 million. The Group recorded a gain from such transaction amounting to Baht 2,824 million in other income in the consolidated statements of income. The repurchasing and cancelling debentures can be separated into 3 tranches as below: - Repurchased and partially cancelled debentures totalling USD 461.372 million was the unsecured and unsubordinated debentures which were issued and offered to investors and foreign institutional investors in March 2022 in the amount of USD 1,000 million with 10 -year tenor and fixed coupon rate of 4.40% per annum. As at 31 December 2024, GCTC has an outstanding balance of the debentures due in the year 2032 amounting to USD 338.628 million. - Repurchased and partially cancelled debentures totalling USD 150.832 million was the unsecured and unsubordinated debentures which were issued and offered to investors and foreign institutional investors in March 2021 in the amount of USD 550 million with 30-year tenor and fixed coupon rate of 4.30% per annum. As at 31 December 2024, GCTC has an outstanding balance of the debentures due in the year 2051 amounting to USD 374.331 million. - repurchased and partially cancelled debentures totalling USD 1 37.020 million was the unsecured and unsubordinated debentures which were issued and offered to investors and foreign institutional investors in March 2022 in the amount of USD 300 million with 30-year tenor and fixed coupon rate of 5.20% per annum. As at 31 December 2024, GCTC has an outstanding balance of the debentures due in the year 2052 amounting to USD 102.980 million.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 74 The periods to maturity of interest -bearing liabilities, excluding finance lease liabilities, as at 31 December 2025 and 2024 were as follows: Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) Within one year 10,574 22,083 8,358 22,804 After one year but within five years 74,548 117,166 63,271 87,118 After five years 68,473 89,940 83,397 84,279 Total 153,595 229,189 155,026 194,201 Lease liabilities The periods to maturity of lease liabilities, as at 31 December 2025 and 2024 were as follows: Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) Within one year 2,971 3,679 2,041 2,569 After one year but within five years 9,492 9,710 7,655 7,521 After five years 22,117 24,249 19,358 21,143 34,580 37,638 29,054 31,233 Less Deferred interest expense (8,073) (8,896) (6,585) (7,269) 26,507 28,742 22,469 23,964 Classification - Current portion of lease liabilities 2,104 2,763 1,342 1,841 - Lease liabilities 24,403 25,979 21,127 22,123 26,507 28,742 22,469 23,964 Changes in liabilities arising from financing activities Consolidated financial statements Accrued interest expense Borrowings Debentures Lease liabilities Total (in million Baht) 2025 As at 1 January 1,224 102,152 127,037 28,742 259,155 Net financing cash flows (8,619) (67,914) (3,972) (3,869) (84,374) Increase in lease liabilities - - - 1,030 1,030 Decrease from de-consolidation (1) (83) - (65) (149) Changes arising from non‑current assets and disposal groups classified as held for sale - - - (186) (186) Effect from foreign exchange rate 20 (109) (3,259) 44 (3,304) Interest expense 7,644 - - 939 8,583 Others 896 278 (535) (129) 510 As at 31 December 1,164 34,324 119,271 26,506 181,265
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 75 Consolidated financial statements Accrued interest expense Borrowings Debentures Lease liabilities Total (in million Baht) 2024 As at 1 January 1,953 100,864 164,189 25,051 292,057 Net financing cash flows (11,690) 2,938 (34,818) (3,592) (47,162) Increase in lease liabilities - - - 6,527 6,527 Effect from foreign exchange rate 7 (1,583) 434 (211) (1,353) Interest expense 10,618 - - 1,039 11,657 Others 336 (67) (2,768) (72) (2,571) As at 31 December 1,224 102,152 127,037 28,742 259,155 Separate financial statements Accrued interest expense Borrowings Debentures Lease liabilities Total (in million Baht) 2025 As at 1 January 1,148 115,745 78,456 23,964 219,313 Net financing cash flows (7,027) (35,678) - (2,556) (45,261) Increase in lease liabilities - - - 382 382 Effect from foreign exchange rate - (3,523) - - (3,523) Interest expense 6,619 - - 734 7,353 Others 1,070 16 10 (54) 1,042 As at 31 December 1,810 76,560 78,466 22,470 179,306 2024 As at 1 January 1,906 128,381 89,943 20,067 240,297 Net financing cash flows (8,873) (12,998) (11,500) (2,081) (35,452) Increase in lease liabilities - - - 5,202 5,202 Effect from foreign exchange rate - 301 - - 301 Interest expense 8,020 - - 810 8,830 Others 95 61 13 (34) 135 As at 31 December 1,148 115,745 78,456 23,964 219,313 17 Non-current provisions for employee benefits Consolidated financial statements Separate financial statements As at 31 December 2025 2024 2025 2024 (in million Baht) Post-employment benefits 7,950 7,683 4,765 4,463 Other long-term employee benefits 4,315 4,094 519 494 Fair value of plan assets (3,059) (2,844) - - Total 9,206 8,933 5,284 4,957
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 76 Defined benefit plans The Group and the Company operate a defined benefit plan based on the requirement of Thai Labour Protection Act B.E 2541 (1998) to provide retirement benefits to employees based on pensionable remuneration and length of service. The defined benefit plans expose the Company to actuarial risks, such as longevity risk, currency risk, interest rate risk and market (investment) risk. Present value of the defined benefit obligations Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) As at 1 January 8,933 9,008 4,957 4,346 Include in profit or loss: Current service costs 500 513 283 249 Interest on obligation 239 283 113 139 Reversal (8) (386) - - Actuarial loss 29 44 24 37 760 454 420 425 Included in other comprehensive income: Loss on remeasurements of defined benefit plans 146 386 290 424 Exchange differences on translating financial statement 135 (277) - - 281 109 290 424 Others Benefits paid by the plan (746) (638) (383) (236) Defined benefit obligations acquired through businesses combinations - - - (2) Defined benefit obligations decrease from change in ownership interest and others (6) - - - Reclassification (16) - - - (768) (638) (383) (238) As at 31 December 9,206 8,933 5,284 4,957 The principal actuarial assumptions as at 31 December 2025 and 2024 (expressed as weighted-averages) were as follows: Actuarial assumptions Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (%) Discount rate 1.8 - 7.1 1.6 - 7.0 1.8 2.4 Future salary growth 2.5 - 8.0 2.5 - 8.0 6.0 6.0 Employee turnover 0.0 - 50.0 0.0 - 50.0 0.0 - 4.0 0.0 - 4.0 Retirement age 55 - 67 years 55 - 67 years 60 years 60 years Assumptions regarding future mortality have been based on published statistics and mortality tables. As at 31 December 2025, the weighted-average duration of the defined benefit obligation was 11 years (2024: 11 years).
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 77 Sensitivity analysis Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below: Consolidated financial statements Effect to the defined benefit obligation 1% increase in assumption 1% decrease in assumption At 31 December 2025 2024 2025 2024 (in million Baht) Discount rate (1,053) (1,034) 1,238 1,219 Future salary growth 890 795 (775) (694) Separate financial statements Effect to the defined benefit obligation 1% increase in assumption 1% decrease in assumption At 31 December 2025 2024 2025 2024 (in million Baht) Discount rate (460) (434) 535 506 Future salary growth 567 486 (493) (423) Plan assets The major categories and fair value of plan assets at the end of the reporting period for each category were as follows: Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) Equity securities 844 742 - - Government and corporate bonds 1,014 959 - - Others 1,201 1,143 - - Total 3,059 2,844 - - 18 Legal reserve Section 116 of the Public Limited Companies Act B.E. 2535 (1992) requires that a company shall allocate not less than 5% of its annual net profit, less any accumulated losses brought forward (if any), to a reserve account (“legal reserve”), until this account rea ches an amount not less than 10% of the registered authorised capital. The legal reserve is not available for dividend distribution. 19 Subordinated perpetual debentures On 13 December 2024, the Company has issued and offered Subordinated perpetual debentures of the Company No. 1/2024 (the “Debentures”) in the amount of Baht 17,000 million at par value with bullet payment upon dissolution of the Company or upon the exercise of the Company’s early redemption right per conditions as stipulated in the terms and conditions of the Debentures. The Debentures are unsecured and unconvertible. The Debentures bear interest at 5.25% per annum for the first to the fifth years and six months; and thereafter, the interest rate for the Debentures shall be in accordance with the details stated under the terms and conditions in relation to the Debentures. The interest is paid on a 6 months basis. However, the Company has the sole right to unconditionally defer interest and cumulative interest payments to the Debentures holders without time and deferral amount limitation. If the Company defers interest and cumulative interest payment, the Company shall not perform as follows:
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 78 (a) declare or pay any dividend; and (b) The payment of interest or the distribution of any assets to the holders of securities issued by the debenture issuer with a legal status equivalent to the debentures, or to the holders of securities with a legal status subordinate to the debentures. (c) redeem, reduce, cancel, acquire or buy-back for any instruments or securities issued by the Company which rank pari passu or junior to these debentures. During the year 2025, the Company announced the payment of the Debentures interest totaling Baht 892.5 million. On 10 September 2025, the subsidiary has issued and offered USD-denominated subordinated perpetual debentures as follows - Amounting to USD 600 million or equivalent to Baht 19,094 million at par value, with a fixed interest rate of 6.50% per annum for the first 5 years and 3 months. - Amounting to USD 500 million or equivalent to Baht 15,912 million at par value, with a fixed interest rate of 7.125% per annum for the first 10 years. with bullet payment upon a Winding-Up of the subsidiary or the Guarantor or upon the exercise of the subsidiary’s early redemption right per conditions as stipulated in the terms and conditions of the Debentures. And thereafter, the interest rate for the Debentures shall be in accordance with the details stated under the terms and conditions in relation to the Debentures. The interest is paid on a 6 months basis. However, the subsidiary has the sole discretion to defer the payment of intere st and cumulative interest without limitation on timing or amount. Any validly deferred distribution shall constitute Arrears of Distribution. Each amount of Arrears of Distribution shall be entitled to receive Additional Distribution commencing from the d ate falling 12 months after the first deferral date. The amount of Arrears of Distribution shall be treated as if it were the principal of the securities, and the Additional Distribution shall be calculated by applying the prevailing Distribution Rate. If, on any Distribution Payment Date, the scheduled distribution payment is not made in full, the subsidiary shall not: (a) declare, pay, or make any discretionary dividend, distribution, or other payment on any of its Junior Securities or Parity Securities (except in relation to Parity Securities where such payment is made on a pro-rata basis with the securities); or (b) redeem, reduce, cancel, buy back, or acquire for any consideration any of its Junior Securities or Parity Securities (except in relation to Parity Securities where such redemption or buyback is made on a pro-rata basis with the securities). The Company is the Guarantor with maximum liability under the Guarantee will be initially capped at an amount equal to 120% of the aggregate principal amount of the Securities. In the event that, on any Distribution Payment Date, the amount of the Guaranteed Obligations exceeds the Maximum Guaranteed Amount, the Guarantor shall increase the maximum guaranteed amount by 20% of the aggregate principal amount of the Securities then Outstanding. The Guarantee constitutes a direct, unconditional, unsecured, and subordinated obligation of the Guarantor, ranking pari passu with any other unsecured and subordinated debentures of the Guarantor. The Guarantor is obligated to make a bullet payment upon a Winding-Up of the subsidiary or the Guarantor. Following the issuance and offering of the USD-denominated subordinated perpetual debentures by the subsidiary, the Company entered into long-term borrowing agreements and managed the foreign exchange and interest rates risks arising from such borrowing by entering into cross-currency and interest rate swap contracts converting USD to Thai baht with financial institutions (see Note 26), covering the loan amounts, currency, and maturity periods, aligning with loan obligations to the subsidiary. The exchange rate applied under the swap contracts was equivalent to the rate on the loans’ drawdown date, 10 September 2025, at Baht 31.82 per USD. The Group has lower interest rates relative to the USD-denominated subordinated perpetual debentures, with rates reduced from 6.5% - 7.125% per annum to 4.19% - 4.48% per annum.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 79 On 4 December 2025, the Company has issued and offered Subordinated perpetual debentures of the Company No. 1/2025 (the “Debentures”) in the amount of Baht 10,000 million at par value with bullet payment upon dissolution of the Company or upon the exercise of the Company’s early redemption right per conditions as stipulated in the terms and conditions of the Debentures. The Debentures are unsecured and unconvertible. The Debentures bear interest at 4.40% per annum for the first year to the fifth years and six months; and thereafter, the interest rate for the Debentures shall be adjusted in accordance with the terms and conditions in relation to the Debentures. The interest is paid on every 6 months. However, the Company has the sole right to unconditionally defer interest and cumulative interest payments to the Debentures holders without time and deferr al amount limitation. If the Company defers interest and cumulative interest payment, the Company shall not perform as follows: (a) declare or pay any dividend (b) pay the interest or the distribution of any assets to the holders of its parity securities or its junior securities issued by the debenture issuer; and (c) redeem, reduce, cancel, acquire or buy-back for any instruments or securities issued by the Company which rank pari passu or junior to these debentures with return in exchange. 20 Segment information and disaggregation of revenue (a) Segment information Management consider that the Group has 6 reportable segments which are significant business segments of the Group that offer different products and services, and are managed separately . For each of the business segments, the chief operating decision maker (CODM) reviews internal management reports on at least a quarterly basis. The operations in each of the Group’s reportable segments are as follows: Segment 1 Upstream (including Refinery, Aromatics and Olefins) Segment 2 Intermediates (including EO-Based Performance, Phenol and others) Segment 3 Polymers and Chemicals Segment 4 Bio and Circularity Segment 5 Performance Chemicals Segment 6 Service and Others Performance of each reportable segment is measured based on profit before finance cost, income tax, depreciation, amortisation and others as included in the internal management reports that are reviewed by the Group’s CODM. Management believes that using profit before finance cost, income tax, depreciation, amortisation and others to measure performance is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 80 Consolidated financial statements Year ended 31 December 2025 Upstream Intermediates Polymers and Chemicals Bio and Circularity Performance Chemicals Service and Others Elimination Total (in million Baht) External revenues 241,787 59,870 87,285 18,705 77,638 2,300 - 487,585 Inter-segment revenues 100,355 5,936 3,214 2,838 - 3,197 (115,540) - Total revenues* 342,142 65,806 90,499 21,543 77,638 5,497 (115,540) 487,585 Cost of sales and rendering of services (334,914) (62,930) (80,205) (20,031) (57,812) (4,570) 115,213 (445,249) Selling, distribution and administrative expenses (3,495) (3,144) (4,648) (870) (14,049) (1,826) 437 (27,595) Profit (loss) before finance costs, income tax, depreciation, amortisation and others 5,419 (116) 5,917 715 6,105 577 (312) 18,305 Investment income 526 236 120 22 147 2,250 (1,932) 1,369 Finance costs (2,402) (797) (1,150) (135) (2,663) (2,651) 1,000 (8,798) Depreciation and amortisation (11,851) (3,666) (2,832) (683) (7,533) (260) 301 (26,524) Profit (loss) on impairment, provisions and disposal of assets (24) 2,034 (3,018) (773) (283) 47 - (2,017) Share of profit (loss) of joint ventures and associates accounted for using equity method - - (668) (1,388) (45) 533 21 (1,547) Others 714 (124) (29) (37) 2,508 1,013 172 4,217 Profit (loss) before income tax (7,618) (2,433) (1,660) (2,279) (1,764) 1,509 (750) (14,995) Profit (loss) for reportable segment Owners of the Company (6,987) (5,001) (1,182) (1,456) (1,881) (4,415) 6,322 (14,600) *The above segment revenue of the Group is the same basis disclosure with disaggregation of revenue by type of goods and service (major line of products).
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 81 Consolidated financial statements Year ended 31 December 2024 Upstream Intermediates Polymers and Chemicals Bio and Circularity Performance Chemicals Service and Others Elimination Total (in million Baht) External revenues 320,492 77,528 98,750 16,686 91,395 3,699 - 608,550 Inter-segment revenues 126,600 9,692 4,252 3,394 - 3,253 (147,191) - Total revenues* 447,092 87,220 103,002 20,080 91,395 6,952 (147,191) 608,550 Cost of sales and rendering of services (425,974) (82,688) (94,974) (18,576) (71,134) (5,987) 147,009 (552,324) Selling, distribution and administrative expenses (3,811) (3,275) (4,915) (949) (14,140) (2,036) 400 (28,726) Profit (loss) before finance costs, income tax, depreciation, amortisation and others 18,992 1,367 3,327 619 6,838 3,536 (924) 33,755 Investment income 506 41 213 68 351 1,646 (1,263) 1,562 Finance costs (2,309) (1,010) (2,052) (198) (3,484) (3,981) 876 (12,158) Depreciation and amortisation (11,942) (4,131) (3,000) (643) (9,944) (294) 357 (29,597) Profit (loss) on impairment, provisions and disposal of assets (200) (3,079) (24) 35 (11,196) 3 - (14,461) Share of profit (loss) of joint ventures and associates accounted for using equity method - (9,450) (278) (1,368) (108) 532 5 (10,667) Others 1,859 328 630 28 (369) (2,004) (88) 384 Profit (loss) before income tax 6,906 (15,934) (1,184) (1,459) (17,912) (562) (1,037) (31,182) Profit (loss) for reportable segment Owners of the Company 8,002 (13,252) (2,322) (1,267) (17,346) (2,482) (1,144) (29,811) *The above segment revenue of the Group is the same basis disclosure with disaggregation of revenue by type of goods and service (major line of products).
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 82 (b) Geographical segments Geographical segment presentation is based on the geographical location of customers. Segment non- current assets (exclude derivatives and deferred tax assets) are based on the geographical location of the assets. Geographical information Revenues 2025 2024 (in million Baht) Thailand 289,304 340,505 The People’s Republic of China 34,131 39,949 Singapore 17,334 23,486 India 15,826 22,219 United States of America 15,628 18,388 Vietnam 11,270 24,929 Indonesia 10,739 13,536 Japan 9,864 10,889 Germany 8,512 9,843 Malaysia 8,347 18,490 Other countries 66,630 86,316 Total 487,585 608,550 Non-current assets 2025 2024 (in million Baht) Thailand 296,157 317,273 Netherlands 84,735 81,748 Germany 47,200 47,222 United States of America 19,172 19,814 The People’s Republic of China 5,522 5,812 Other countries 13,970 14,223 Total 466,756 486,092 (c) Major customers Revenue from one customer, which is a related party, of Upstream and Bio and Circularity segments representing Baht 148,967 million (2024: Baht 180,074 million) of the Group’s revenue.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 83 21 Expenses by nature Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) Included in cost of sales of goods Changes in finished goods work in progress and goods in transit 4,356 (1,615) 2,839 (1,554) Raw materials used 319,826 433,046 264,286 362,579 Personnel expense 16,419 18,562 5,801 6,115 Depreciation of property, plant and equipment 18,223 20,629 13,971 14,484 Depreciation of right-of-use assets 1,461 1,665 956 999 Amortisation of intangible assets 503 477 442 435 Included in selling and distribution and administrative expenses Personnel expense 10,640 11,458 3,579 3,873 Depreciation of property, plant and equipment 935 1,103 433 438 Depreciation of right-of-use assets 1,570 1,329 921 928 Amortisation of intangible assets 3,364 3,538 205 251 Minimum lease payments recognised as a lease expense 311 328 98 105 During 2025, the Group and the Company have contributed provident funds for its employees amounting to Baht 977 million and Baht 582 million, respectively (2024: Baht 1,045 million and Baht 596 million, respectively), which is included in employee benefit expenses. 22 Income tax Income tax recognised in profit or loss Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) Current tax expense Current year 1,142 1,324 - - Under provided in prior years 672 16 - - 1,814 1,340 - - Deferred tax expense Movements in temporary differences (1,237) (2,508) (239) (915) Total 577 (1,168) (239) (915)
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 84 Reconciliation of effective tax rate Consolidated financial statements 2025 2024 (in million Baht) Loss before income tax expense (14,995) (31,182) Applicable tax rate at 20% (2,999) (6,236) Tax effect of : Effect of different tax rates in foreign jurisdictions (204) (1,207) Income not subject to tax (798) (335) Expenses not deductible for tax purposes 1,379 2,894 Expenses deductible at a greater amount (598) (599) Tax losses carried forward 1,587 272 Under provided in prior years 672 16 Share of profit of joint ventures and associates accounted for using equity method 309 2,133 Others 1,229 1,894 Total 577 (1,168) Reconciliation of effective tax rate Separate financial statements 2025 2024 (in million Baht) Loss before income tax expense (10,076) (22,252) Applicable tax rate at 20% (2,015) (4,450) Tax effect of : Income not subject to tax (57) (571) Expenses not deductible for tax purposes 1,565 4,535 Expenses deductible at a greater amount (521) (429) Tax losses carried forward 789 - Total (239) (915) Consolidated financial statements Deferred tax Assets Liabilities At 31 December 2025 2024 2025 2024 (in million Baht) Total 18,977 18,374 (29,316) (30,182) Set off of tax (14,676) (14,796) 14,676 14,796 Net deferred tax assets (liabilities) 4,301 3,578 (14,640) (15,386) Separate financial statements Deferred tax Assets Liabilities At 31 December 2025 2024 2025 2024 (in million Baht) Total 13,755 12,126 12,468 (11,815) Set off of tax (12,468) (11,815) (12,468) 11,815 Net deferred tax assets 1,287 311 - -
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 85 Consolidated financial statements (Charged) / Credited to At 1 January 2025 Profit or loss Other comprehensive income Assets and liabilities groups classified as held for sale and others Exchange differences At 31 December 2025 (in million Baht) Deferred tax assets Provisions for employee benefits 1,430 98 4 (2) 18 1,548 Property, plant and equipment 1,312 (82) - 33 (6) 1,257 Lease liabilities 5,790 (392) - - - 5,398 Loss carry forward 5,937 184 - 18 (57) 6,082 Others 3,905 72 690 (18) 43 4,692 Total 18,374 (120) 694 31 (2) 18,977 Deferred tax liabilities Property, plant and equipment (10,104) (134) - (8) (112) (10,358) Right-of-use assets (5,258) 434 - - 1 (4,823) Other intangible assets (12,050) 1,313 - (47) (497) (11,281) Financial assets (2,226) 44 (28) - 3 (2,207) Others (544) (300) - 48 149 (647) Total (30,182) 1,357 (28) (7) (456) (29,316) Net (11,808) 1,237 666 24 (458) (10,339) Consolidated financial statements (Charged) / Credited to At 1 January 2024 Profit or loss Other comprehensive income Loss of control in subsidiary and others Exchange differences At 31 December 2024 (in million Baht) Deferred tax assets Provisions for employee benefits 1,417 103 (58) - (32) 1,430 Property, plant and equipment 1,038 278 - 12 (16) 1,312 Lease liabilities 5,038 755 - - (3) 5,790 Loss carry forward 4,791 1,242 - - (96) 5,937 Others 3,563 (132) 578 37 (141) 3,905 Total 15,847 2,246 520 49 (288) 18,374 Deferred tax liabilities Property, plant and equipment (10,171) (206) - (12) 285 (10,104) Right-of-use assets (4,547) (689) - - (22) (5,258) Other intangible assets (13,618) 674 - 24 870 (12,050) Financial assets (2,225) 6 (1) (6) - (2,226) Others (947) 477 41 (61) (54) (544) Total (31,508) 262 40 (55) 1,079 (30,182) Net (15,661) 2,508 560 (6) 791 (11,808)
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 86 Effect from international tax reform - Pillar Two model rules The Group is within the scope of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD) and has applied the mandatory exception requiring that entities shall neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group operates in several countries where Pillar Two legislation has been enacted and is effective for fiscal years beginning on or after 1 January 2024. For the year ended 31 December 2025, the Group recognised the estimated top -up tax expense related to Pillar Two incom e taxes in the statement of income, arising from its operations in the European Union member states, in the amount of THB 1.68 million. Separate financial statements (Charged) / Credited to At 1 January 2025 Profit or loss Other comprehensive income At 31 December 2025 (in million Baht) Deferred tax assets Provisions for employee benefits 811 120 52 983 Property, plant and equipment 1,100 (38) - 1,062 Lease liabilities 4,678 (142) - 4,536 Loss carry forward 3,450 949 - 4,399 Others 2,087 3 685 2,775 Total 12,126 892 737 13,755 Deferred tax liabilities Property, plant and equipment (5,044) (812) - (5,856) Right-of-use assets (4,349) 233 - (4,116) Others (2,422) (74) - (2,496) Total (11,815) (653) - (12,468) Net 311 239 737 1,287 Separate financial statements (Charged) / Credited to At 1 January 2024 Profit or loss Other comprehensive income At 31 December 2024 (in million Baht) Deferred tax assets Provisions for employee benefits 740 111 (40) 811 Property, plant and equipment 793 307 - 1,100 Lease liabilities 3,929 749 - 4,678 Loss carry forward 2,536 914 - 3,450 Others 1,486 26 575 2,087 Total 9,484 2,107 535 12,126 Deferred tax liabilities Property, plant and equipment (4,247) (797) - (5,044) Right-of-use assets (3,667) (682) - (4,349) Others (2,739) 287 30 (2,422) Total (10,653) (1,192) 30 (11,815) Net (1,169) 915 565 311
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 87 23 Promotional privileges The Company has been granted promotional certificates by the Office of the Board of Investment relating to production of upstream, intermediate and downstream petrochemical, utilities and production support facilities, jetty for transportation and storage of liquid product and transportation by marine vessels, production of petroleum product. The Company has been granted several privileges including exemption and/or reduction from payment of income tax on the net profit derived from promoted operations with certained terms and conditions prescribed in the promotional certificates, which the Comp any must comply with. Separate financial statements 2025 2024 Promoted businesses Non- promoted businesses Total Promoted businesses Non- promoted businesses Total (in million Baht) Export sales 21,092 64,169 85,261 21,560 84,619 106,179 Domestic sales 36,154 262,721 298,875 49,897 330,921 380,818 Services income - 512 512 - 485 485 Total revenues 57,246 327,402 384,648 71,457 416,025 487,482 Certain subsidiaries in the Group have been granted promotional privileges as same as the Company. 24 Loss per share Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht / in million shares) Loss for the year attributable to ordinary shareholders of the parent company (14,600.39) (29,810.55) (9,837.56) (21,336.90) Less interest expense for the year on subordinated perpetual debentures (1,682.87) (37.17) (926.25) (37.17) Loss for the year attributable to ordinary shareholders of the parent company (basic) (16,283.26) (29,847.72) (10,763.81) (21,374.07) Weighted average number of ordinary shares (basic) at 31 December 4,508.85 4,508.85 4,508.85 4,508.85 Loss per share (basic) (in Baht) (3.61) (6.62) (2.39) (4.74) The Company has no potential dilutive ordinary shares during the years ended 31 December 2025 and 2024. Diluted loss per share is therefore the same as basic loss per share.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 88 25 Dividends Approval date Payment schedule Dividend rate per share Amount (Baht) (in million Baht) 2025 2024 Annual dividend 8 April 2025 24 April 2025 0.50 2,254 2024 2023 Annual dividend 9 April 2024 24 April 2024 0.75 3,381 26 Financial instruments (a) Carrying amounts and fair values Carrying amounts of cash and cash equivalents, investments in current financial assets, trade accounts receivable, other current receivables, short-term loans to related parties, short-term loans from financial institutions, trade accounts payable, other current payables, payables to contractor and short-term loans from related parties, which are measured at amortised cost. They are approximate to their fair values due to their short maturities. Carrying amounts of long-term loans to related parties, other non-current assets, long-term loans from financial institutions with floating interest rates, long-term loans from other parties, long-term loans from related parties bearing floating interest rates, lease liabilities and other non-current liabilities measured at amortised cost. The value is close to the estimated fair value. The following table shows the carrying amounts and fair values of fi nancial assets and financial liabilities, including their levels in the fair value hierarchy, but does not include fair value information for financial assets and financial liabilities measured at amortised cost if the carrying amount is a reasonable approximation of fair value.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 89 Consolidated financial statement Carrying amount Fair value At 31 December 2025 Hedging instruments Financial instruments measured at FVTPL Financial instruments measured at FVOCI Financial instruments measured at amortised cost Total Level 1 Level 2 Level 3 Total (in million Baht) Financial assets Cash and cash equivalents - - 1 18,924 18,925 - 1 - 1 Current financial assets - - 207 2,139 2,346 - 207 - 207 Current derivatives assets 1 508 - - 509 - 509 - 509 Non-current financial assets - 456 11,793 - 12,249 10,409 62 1,778 12,249 Non-current derivatives assets - 64 - - 64 - 64 - 64 Financial liabilities Current derivatives liabilities - 106 - - 106 - 106 - 106 Long-term borrowings from financial institution - - - 32,037 32,037 - 20* - 20 Debentures - - - 119,271 119,271 - 117,959 - 117,959 Non-current derivative liabilities 3,256 25 - - 3,281 - 3,281 - 3,281 * Fair value of long-term borrowings from financial institutions with fixed interest rate only.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 90 Consolidated financial statement Carrying amount Fair value At 31 December 2024 Hedging instruments Financial instruments measured at FVTPL Financial instruments measured at FVOCI Financial instruments measured at amortised cost Total Level 1 Level 2 Level 3 Total (in million Baht) Financial assets Cash and cash equivalents - - 5 32,740 32,745 - 5 - 5 Current financial assets - - 353 12 365 - 353 - 353 Current derivatives assets 1 158 - - 159 - 159 - 159 Non-current financial assets - 467 13,094 - 13,561 11,068 523 1,970 13,561 Non-current derivatives assets - 40 - - 40 - 40 - 40 Financial liabilities Current derivatives liabilities - 112 - - 112 - 112 - 112 Long-term borrowings from financial institution - - - 100,739 100,739 - 40* - 40 Debentures - - - 127,037 127,037 - 119,569 - 119,569 Non-current derivative liabilities - 78 - - 78 - 78 - 78 * Fair value of long-term borrowings from financial institutions with fixed interest rate only.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 91 Separate financial statements Carrying amount Fair value At 31 December 2025 Hedging instruments Financial instruments measured at FVTPL Financial instruments measured at FVOCI Financial instruments measured at amortised cost Total Level 1 Level 2 Level 3 Total (in million Baht) Financial assets Cash and cash equivalents - - 1 7,048 7,049 - 1 - 1 Current financial assets - - 207 - 207 - 207 - 207 Current derivatives assets - 467 - - 467 - 467 - 467 Non-current financial assets - 256 10,288 - 10,544 10,408 62 74 10,544 Financial liabilities Current derivatives liabilities - 85 - - 85 - 85 - 85 Long-term borrowings from related parties - - - 75,201 75,201 - 74,929* - 74,929 Debentures - - - 78,466 78,466 - 80,588 - 80,588 Non-current derivatives liabilities 3,256 - - - 3,256 - 3,256 - 3,256 * Fair value of long-term borrowings from related parties with fixed interest rate only. Separate financial statements Carrying amount Fair value At 31 December 2024 Hedging instruments Financial instruments measured at FVTPL Financial instruments measured at FVOCI Financial instruments measured at amortised cost Total Level 1 Level 2 Level 3 Total (in million Baht) Financial assets
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 92 Separate financial statements Carrying amount Fair value At 31 December 2024 Hedging instruments Financial instruments measured at FVTPL Financial instruments measured at FVOCI Financial instruments measured at amortised cost Total Level 1 Level 2 Level 3 Total (in million Baht) Cash and cash equivalents - - 5 12,712 12,717 - 5 - 5 Current financial assets - - 353 - 353 - 353 - 353 Current derivatives assets - 113 - - 113 - 113 - 113 Non-current financial assets - 275 11,321 - 11,596 11,061 523 12 11,596 Non-current derivatives assets - 20 - - 20 - 20 - 20 Financial liabilities Current derivatives liabilities - 56 - - 56 - 56 - 56 Long-term borrowings from related parties - - - 51,684 51,684 - 42,648* - 42,648 Debentures - - - 78,456 78,456 - 78,451 - 78,451 Non-current derivatives liabilities - 40 - - 40 - 40 - 40 * Fair value of long-term borrowings from related parties with fixed interest rate only.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 93 Measurement of fair values Level 1 of fair values for debt instruments measured at fair value through profit or loss are based on quoted bid price as at the end of reporting period by references from the Stock Exchange of Thailand. For equity instruments measured at fair value through other comprehensive income are based on closing price as at the end of reporting period in the Stock Exchange of Thailand or New York Stock Exchange. Level 2 of fair values for debt instruments measured at fair value through other comprehensive income are based on the yield rate quoted by the Thai Bond Market Association or other markets and for financial derivatives are based on broker quotes. Those quotes are tested for reasonableness by discounting expected future cash flows using market interest rate for a similar instrument at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments to take account of the credit risk of the Group and counterparty when appropriate. For over-the-counter commodity derivatives are based on an estimated price by the organization that has expertise in petroleum and petrochemical areas as well a s reliability from buyers and sellers in markets. The price forecast methodology takes account of fundamental factors including demand, supply and other factors that will affect the price direction in the future. For fixed-rate long-term borrowings are based on discounted future cash flows for the remaining periods using market interest rate for a similar instrument at the measurement date. For debentures are based on the last closing price on the Thai Bond Market Association at the measurement date. Level 3 of fair value for debt instruments and equity instruments measured at fair value through profit or loss are as follows; - For investment in a startup company, is based on valuation of the latest fundraising round. - For investments in non-marketable securities, the fair values are based on the discounted present value of the future cash flows estimated based on available performance indicators at an appropriate interest rate. Fair values for equity instruments measured at fair value through other comprehensive income are as follows; - For investments in startup companies, the fair values are based on valuation of the latest fundraising round. - For investments in non-marketable securities, the fair values are based on cost which considered as estimated fair values, except there are significant changes in their operations or using the equity method based on reasonably available information. - For investments in funds, the fair values are referred to the net asset value of the funds. Consolidated financial statements Separate financial statements Reconciliation of Level 3 fair values Note 2025 2024 2025 2024 (in million Baht) Investments in non-current financial assets Balance as at 1 January 1,970 1,839 12 12 Total gains or (losses): in other comprehensive income (348) 6 (462) - Purchases/issues 87 175 - - Change in ownership interest of investment 9 524 - 524 - Disposals (132) (8) - - Decrease from de-consolidation 8 (257) - - - Effect from exchange differences on translating financial statements (66) (42) - - Balance as at 31 December 1,778 1,970 74 12
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 94 (b) Financial risk management policies Risk management framework The Group is exposed to normal business risks from changes in market interest rates, currency exchange rates and commodity prices and from non -performance of contractual obligations by counterparties. The Group does not hold or issue derivative financial instruments for speculative or trading purposes. Risk management is integral to the whole business of the Group. The management continually monitors the Group’s risk management process to ensure that an appropriate balance between risk and control is achieved. Capital management The Company’s Board of Directors’ policy is to maintain a strong capital base so as to maintain the confidence of investors, creditors, partners and other stakeholders. In addition, the Board monitors the return on capital and the level of dividends to ensure business sustainability. (b.1) Credit risk Credit risk is risk of financial loss of the Group if a customer or a counterparty to the financial instrument fails to perform its contractual obligations, most of which is from trade receivables and investment in debt securities of the Group. (b.1.1) Trade accounts receivable Credit risk of the Group is influenced by individual characteristics of customers. However, management has to consider other factors that may affect the customer’s credit risk, including the risk of default in relation to industry and country of operations. Management has a policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. At the reporting date, there were no significant credit risk and the concentration of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position. However, the majority of the customers are on the long-term contracted commitment and parts of them are the Company’s shareholders which the company has consistently collected from them. For the customers who do not have the long-term contracted commitments, the Group monitors the risk on an ongoing basis and would do the business only with the credible customers by limiting the credit lines and requesting the guarantee on some cases. For the export, the credit of counterparty will be considered. The Group will demand a payment on a case to case basis and also has commercial credit insurance. Management anticipates no material losses from its debt collection. For trade receivables, the Group apply simplified approach in accordance with TFRS 9 to measure lifetime expected credit loss. The Group consider expected credit loss by using trade receivables provision table which estimate historical credit loss. The overdue circumstance adjusted to reflect current situation of receivables and the future economic conditions were taken into account.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 95 (b.1.2) Loans to related parties In assessing credit risk, the Company considers that most of subsidiaries and joint ventures in which have borrowings from the Company have the affordability that paym ents will be made under the agreements. However, the Company continually monitors the possibility of payments from counterparties. (b.1.3) Cash and cash equivalents The Group’s exposure to credit risk arising from cash and cash equivalents and derivative assets is limited because the counterparties are financial institutions which are rated at investment grade. The Group constantly assesses the financial status and stability of those financial institutions and companies to manage risks from deposit and investing. (b.1.4) Investment in debt securities The Group considers that all debt investments measured at amortised cost and FVOCI have low credit risk. Marketable bonds are considered to be an investment grade credit rating published by external credit rating agencies. The credit risk of other non-marketable debt instruments is considered to be low when the risk of default is low and the issuer has a strong capacity to meet its contractual cash flow obligations. (b.2) Liquidity risk The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows. The following table shows the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and und iscounted and include contractual interest payments and exclude the impact of netting agreements. Consolidated financial statements At 31 December 1 year or less More than 1 years but less than 5 years More than 5 years Total (in million Baht) 2025 Non-derivative financial liabilities Short-term borrowings from financial institutions 2,193 - - 2,193 Trade accounts payable 76,687 - - 76,687 Other current payables 13,055 - - 13,055 Payables to contractors 1,558 - - 1,558 Liabilities associated with disposal groups classified as held for sale 352 - - 352 Lease liabilities 2,971 9,492 22,117 34,580 Long-term borrowings from financial institutions 2,750 33,929 544 37,223 Long-term borrowings from other parties 12 108 17 137 Debentures 10,917 56,527 82,222 149,666 Other non-current liabilities - 211 17 228 110,495 100,267 104,917 315,679
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 96 Consolidated financial statements At 31 December 1 year or less More than 1 years but less than 5 years More than 5 years Total (in million Baht) 2025 Derivative financial liabilities Cash inflows from Foreign exchange forward contracts 4,370 179 - 4,549 Foreign currency and interest rate swap contracts 4,054 33,844 46,848 84,746 Commodity forward contracts 109 - - 109 Cash outflows from Foreign exchange forward contracts (4,328) (176) - (4,504) Foreign currency and interest rate swap contracts (2,864) (29,563) (45,027) (77,454) Commodity forward contracts (356) - - (356) 985 4,284 1,821 7,090 2024 Non-derivative financial liabilities Short-term borrowings from financial institutions 1,120 - - 1,120 Trade accounts payable 62,154 - - 62,154 Other current payables 16,005 - - 16,005 Payables to contractors 941 - - 941 Lease liabilities 3,679 9,710 24,249 37,638 Long-term borrowings from financial institutions 25,133 80,255 11,068 116,456 Long-term borrowings from other parties 118 37 242 397 Debentures 4,253 62,969 101,179 168,401 Other non-current liabilities - 19 19 38 113,403 152,990 136,757 403,150 2024 Derivative financial liabilities Cash inflows from Foreign exchange forward contracts 6,145 180 - 6,325 Foreign currency and interest rate swap contracts 4,075 10,683 - 14,758 Commodity forward contracts 72 - - 72 Cash outflows from Foreign exchange forward contracts (6,163) (187) - (6,350) Foreign currency and interest rate swap contracts (3,872) (10,550) - (14,422) Commodity forward contracts (3) - - (3) 254 126 - 380
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 97 Separate financial statements At 31 December 1 year or less More than 1 years but less than 5 years More than 5 years Total (in million Baht) 2025 Non-derivative financial liabilities Trade accounts payable 66,779 - - 66,779 Other current payables 6,932 - - 6,932 Payables to contractors 1,901 - - 1,901 Lease liabilities 2,041 7,655 19,358 29,054 Short-term borrowings from related parties 1,359 - - 1,359 Long-term borrowings from related parties 4,602 36,131 74,469 115,202 Debentures 9,380 50,376 30,186 89,942 Other non-current liabilities - 194 17 211 92,994 94,356 124,030 311,380 2025 Derivative financial liabilities Cash inflows from Foreign exchange forward contracts 652 - - 652 Foreign currency and interest rate swap contracts 3,946 33,396 46,848 84,190 Commodity forward contracts 109 - - 109 Cash outflows from Foreign exchange forward contracts (632) - - (632) Foreign currency and interest rate swap contracts (2,739) (29,160) (45,027) (76,926) Commodity forward contracts (356) - - (356) 980 4,236 1,821 7,037
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 98 Separate financial statements At 31 December 1 year or less More than 1 years but less than 5 years More than 5 years Total (in million Baht) 2024 Non-derivative financial liabilities Trade accounts payable 48,342 - - 48,342 Other current payables 7,282 - - 7,282 Payables to contractors 1,702 - - 1,702 Lease liabilities 2,569 7,521 21,143 31,233 Short-term borrowings from related parties 2,612 - - 2,612 Long-term borrowings from financial institutions 21,538 41,309 4,908 67,755 Long-term borrowings from related parties 3,220 10,725 69,568 83,513 Debentures 2,379 55,475 34,467 92,321 Other non-current liabilities - 3 17 20 89,644 115,033 130,103 334,780 2024 Derivative financial liabilities Cash inflows from Foreign exchange forward contracts 1,597 - - 1,597 Foreign currency and interest rate swap contracts 3,975 10,142 - 14,117 Commodity forward contracts 72 - - 72 Cash outflows from Foreign exchange forward contracts (1,595) - - (1,595) Foreign currency and interest rate swap contracts (3,769) (9,971) - (13,740) Commodity forward contracts (3) - - (3) 277 171 - 448 The cash inflows/cash outflows disclosed in the above table represent the contractual undiscounted cash flows relating to derivative financial liabilities held for risk management purposes and which are not usually closed out before contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net cash- settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement. (b.3) Market risk The Group is exposed to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk is as follows: (b.3.1) Foreign currency risk The Group is exposed to foreign currency fluctuations risk in assets and liabilities and the gross profit (Product to Feed margin - P2F) of the Group that is referenced in foreign currency. Therefore, the Group has a policy in place to manage those risks by emphasizing the natural hedge on assets and liabilities held in foreign currency and the gross profit (P2F) of the Group that is referenced in foreign currency.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 99 Moreover, the Group uses derivative hedges to mitigate the residual risk by entering into foreign currency forward contracts in accordance with the framework approved by the Risk Management Committee of the Group which will result in gain (loss) from derivatives which will be offset against the gross profit (P2F) in order to maintain the Group’s net profit at the exchange rate specified in the business plan as follows: - In the event that the Thai Baht appreciates more than the exchange rate in the foreign currency forward contracts, there will be gain on derivative. Meanwhile, the gross profit (P2F) which the Group received in cash will decrease due to the appreciation of the Thai Baht. - On the contrary, in the event that the Thai Baht depreciates more than the exchange rate in foreign currency forward contracts, there will be loss on derivative. Meanwhile, the gross profit (P2F) which the Group received in cash will increase due to the depreciation of the Thai Baht. Overall, the derivative hedge can mitigate the impact from fluctuations in foreign currency to the Group’s performance. Exposure to foreign currency At 31 December Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) USD Financial assets 20,090 24,463 15,758 19,885 Financial liabilities (9,420) (14,675) (78,578) (55,855) Statement of financial position exposure 10,670 9,788 (62,820) (35,970) Net derivatives 56,356 12,756 55,448 11,962 EUR Financial assets 319 288 9 47,480 Financial liabilities (339) (487) (33) (45) Statement of financial position exposure (20) (199) (24) 47,435 Net derivatives - 998 - - Sensitivity analysis A reasonably possible strengthening (weakening) of Thai Baht against all other foreign currencies at the reporting date would have affected the measurement of financial instruments denominated in a foreign currency. This analysis assumes that all other variables, in particular interest rates, remain constant. Consolidated financial statements Separate financial statements Impact to profit or loss Movement Strengthening Weakening Strengthening Weakening (%) (in million Baht) 2025 USD 10 - Net gain (loss) on foreign exchange rate - Other equity - gain (loss) on cash flow hedges (1,090) (5,612) 1,090 5,612 6,350 (5,612) (6,350) 5,612 EUR 10 - Net gain (loss) on foreign exchange rate 2 (2) 2 (2)
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 100 Consolidated financial statements Separate financial statements Impact to profit or loss Movement Strengthening Weakening Strengthening Weakening (%) (in million Baht) 2024 USD 10 - Net gain (loss) on foreign exchange rate (2,254) 2,254 2,401 (2,401) EUR 10 - Net gain (loss) on foreign exchange rate (80) 80 (4,743) 4,743 In addition to forward exchange contracts, the Group uses derivatives financial instruments, principally currency swaps and interest rate swaps, to manage exposure to fluctuations in exchange rates and interest rates. As at 31 December 2025, the Group has entered into foreign currency and interest rate swap contracts, totalling Baht 56,665 million (2024: Baht 13,847 million). Some of the contracts are Sustainability-Linked currency swaps and interest rate swaps linked to Sustainability Performance Targets (or SPTs). The following tables detail the foreign currency and interest rate swap contracts outstanding at the reporting date for their hedged items. Foreign currency and interest rate swap contracts assets and liabilities are presented in the line “Derivative s” (either as asset or as liabilities) within the statement of financial position. - Consolidated and Separate financial statements - o Average exchange rate Notional value: Foreign currency Notional value: Local currency Carrying amount of the hedging instruments assets (liabilities) (rate) (in million foreign currency) (in million Baht) (in million Baht) At 31 December 2025 Cash flow hedges Cross-currency swap contracts (USD) 31.95 1,859 59,381 (3,256) The Group assesses effectiveness by comparing the nominal amount of the net assets (liabilities) designated in the hedge relationship with the nominal amount of the hedging instruments. This is a simplified approach because the currency of the exposure and hedging instruments perfectly match and the company identified that there was no change in fair value for hedge ineffectiveness recognized in the income statement. (b.3.2) Interest rate risk Interest rate risk is the risk that future movements in market interest rates will affect the results of the Group’s operations and its cash flows because the Group’s finances loans which have both floating and fixed inter est rates for their operations. The Group has managed this risk to ensure the appropriateness to the business operation. The effective interest rates of interest-bearing liabilities as at 31 December 2025 and 2024 and the periods in which those liabilities mature or re-price were disclosed in note 16 to the financial statement.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 101 Cash flow sensitivity analysis for variable-rate instruments The sensitivity analyses below have been determined based on the exposure to interest rates for financial liabilities at the reporting date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year and using an increase or decrease rate by considering the reasonably possible change in interest rates. Consolidated financial statements Separate financial statements Impact to profit or loss Increase in interest rate 1% Decrease in interest rate 1% Increase in interest rate 1% Decrease in interest rate 1% (in million Baht) 2025 Finance costs 324 (324) - - 2024 Finance costs 1,014 (1,014) 650 (650) (b.3.3) Commodity price risk The Group is exposed to commodity price risk which may occur from purchases and sales. The Group mitigates risk by closely monitoring market situation, feedstock price and product price to appropriately adjust sales and production plans through our value c hain amid fluctuating market situations. Moreover, the Group primarily applies derivative and forward contracts to hedge the commodity prices, in order to protect crude oil price and spread in accordance with the framework approved by the Risk Management Committee of the Group, which are not lower than the business plan levels. Those hedging transactions will cause a gain (loss) from derivatives which will be offset against crude oil and product prices, to maintain the Group’s gross profit and net profit stability as the business plan are as follows: - In the event that the crude oil price or spread is less than the forward contracts, there will be gain on derivative. Meanwhile, the gross profit which the Group received in cash will decrease due to the decrease in the crude oil price or spread. - On the contrary, in the event that the crude oil price or spread is more than the forward contracts, there will be loss on derivative. Meanwhile, the gross profit which the Group received in cash will increase due to the increase in the crude oil price or spread. Overall, the commodity price risk hedging by using the forward contracts and/or the derivative hedge can mitigate the impact of Group’s performance from price and spread fluctuations. The Group and the Company recognised gains on commodity hedging of Baht 1,115 million for the year ended 31 December 2025 (2024: recognised gains of Baht 1,467 million) due to the products spread prices were lower compared to the hedged prices of the commodity hedging. Commodity price sensitivity analysis The following table details the Group’s sensitivity to an increase and decrease in commodity price. The sensitivity analysis includes only outstanding commodity derivative contracts at the reporting date and using an increase or decrease rate by considering the reasonably possible change in commodity price.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 102 Consolidated financial statements Separate financial statements Increase Decrease Increase Decrease (in million Baht) At 31 December 2025 Net derivatives gain (loss) Petroleum Crack Spread hedging +/- 1 USD per BBL (218) 218 (218) 218 Petrochemical Spread hedging +/- 1 USD per Ton (3) 3 (3) 3 At 31 December 2024 Net derivatives gain (loss) Petroleum Crack Spread hedging +/- 1 USD per BBL (60) 60 (60) 60 Petrochemical Spread hedging +/- 1 USD per Ton (1) 1 (1) 1 27 Commitments with non-related parties Consolidated financial statements Separate financial statements 2025 2024 2025 2024 (in million Baht) Capital commitments contracted but not provided for Land - 5 - 4 Plant, machinery and equipment 2,572 3,868 1,956 3,192 Buildings and furniture, fixtures and equipment 192 307 11 5 Others 424 491 402 447 Total 3,188 4,671 2,369 3,648 Non-cancellable lease commitments Within one year 121 130 120 128 After one year but within five years 73 51 72 50 After five years 2 - 2 - Total 196 181 194 178 Other commitments Letters of credits 106 110 87 46 Bank guarantees 10,596 7,630 6,927 4,588 Electrical guarantee - 1,886 - 1,886 Guarantees to subsidiaries and joint ventures for credit facilities, debentures and bank guarantees 5,533 5,948 81,962 59,234 Other agreements 5,401 4,627 320 629 Total 21,636 20,201 89,296 66,383 The Company will provide direct or indirect financial support to an indirect joint venture in case of occurrence of cost overrun during the construction period according to its shareholding interest not exceeding Baht 486 million. In addition, the Company will provide dire ct financial support in case of occurrence of cash deficiency to an indirect joint venture according to its shareholding interest. However, this total support, combined with cost overrun, will not exceed Baht 990 million during the commercial operation period.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 103 Utilities and Other Services Agreements with minimum purchase quantity The Group has 28 utilities and other services agreements which have minimum purchase quantity with other parties. These agreements are for the periods from 5 years to 30 years, commencing from the date as specified in each agreement and expiring in June 2026 to September 2044. The minimum purchase quantity, the selling price of products and the renewal of the contract will be subject as specified in the agreements. 28 Litigations (a) Oil spill incident legal case During the third quarter of 2014, a number of people in Rayong filed several lawsuits with the Civil Court and the Rayong Provincial Court against the Company to claim extra compensation from an oil spill incident and to perform the rehabilitation of the sea and natural environmental recovery. Some cases have been dismissed and some cases have been passed a judgement by the Civil Court on 25 August 2016 which ordered the Company to compensate for damages including interest and rehabilitation of approximately Baht 11.26 million. The Company has appealed on 17 February 2017. Subsequently, on 11 May 2018, the Company made compromise agreements with the majority of plaintiffs at the Civil Court. On 20 December 2018, the Court of Appeal has passed the judgement according to the compromise agreements for which the Company has already paid compensation in full amount. For the remaining plaintiffs, the Court of Appeal ordered the Company to pay compensation with interest according to the judgement of the Court of First Instance and reduced the amount of interest. The Company has paid the compensation to all plaintiffs completely and no petition is submitted to Supreme Court by any plaintiffs. This case has become final. For the case at the Rayong Provincial Court, on 28 September 2018, the Court has made a judgement ordering the Company to pay damage costs with interest of approximately Baht 38 million by deducting the remedy payment paid to the plaintiffs of Baht 24 million. The Company deposited the remaining damage costs with interest with the Rayong Provincial Court on 25 February 2019. Some plaintiffs filed an appeal with the Rayong Provincial Court and the Company has filed an answer to the appeal with the Rayong Provincial Court on 2 October 2019. Subsequently, on September 1, 2020, the Court of Appeal Region 2 passes the judgement ordering the Company to pay additional damages including interest to the plaintiffs. The Company deposited the additional amount of Baht 25 mill ion to the Rayong Provincial Court on 30 September 2020, which is to cover the additional damages ordered under the judgement. Afterwards, on 14 October 2020, the Rayong Provincial Court set an appointment to hear the judgement or the order of the Court of Appeal Region 2 on 26 November 2020. Then, the plaintiffs have filed the Dika appeal period on 1 March 2021. The Supreme Court has issued an order accepting the Dika appeal of the plaintiffs on 2 March 2022 and sent a copy of Dika appeal to the Company on 19 March 2022. The Company filed an answer to the Dika appeal on 13 September 2022. The case is currently under the trial by the Supreme Court. Thereafter, on 28 July 2023, the Company received a related summons and a copy of the civil plaint which the Department of National Parks, Wildlife and Plant Conservation filed against the Company to the Rayong Provincial Court regarding tort causing damage to natural resources and claim for damages. The plaintiff claimed that the oil spill incident in 2013 caused damage to the plaintiff. The Company and legal advisor of the Company considered relevant facts, evidence and laws and are of the opinion that the Company had remedied and compensated for the damage and the natural resources and environment had been restored after the incident, therefore, the Company should not have liability as claimed. Accordingly, the Company has not recorded any provision for any losses resulting from such case. On 5 June 2025, the Rayong Provincial Court has ren dered its judgment to dismiss such case. Thereafter, on 25 October 2025, the Company received a notice of a copy of the plaintiff's appeal from the Rayong Provincial Court. The company filed a request for an extension for filing an answer to the appeal with the Rayong Provincial Court, and the Rayong Provincial Court granted the extension until 23 February 2026.
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PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2025 104 (b) Transfer of right for the payment of raw materials legal case of the subsidiary In 2020, a company, which was a former supplier of the subsidiary, filed 3 civil lawsuits against the subsidiary regarding breach of agreements concerning the reclaiming of purchase price on raw materials and claiming damages. The total principal and inter est are Baht 1,069.23 million. The subsidiary and the subsidiary’s legal advisor have considered relevant facts and evidence and provided the opinion that the subsidiary has not breached the agreements and has no obligation to pay as claimed. The subsidiary has appointed a lawyer to assist with the defense. Currently, three cases are under consideration by the Court of Appeal. (c) Oil spill incident legal case in 2022 On 8 April 2023, the Company has received a summons and a copy of the civil plaint which the Local Fisheries Association, fishermen and merchants (“Plaintiffs”) filed against Star Petroleum Refining Public Company Limited as the first defendant and the Company as the second defendant to the Rayong Provincial Court regarding tort, claim f or damages and request for marine resources restoration. The Plaintiffs claimed that the oil spill incident caused the Plaintiffs’ loss of income. The Company and legal advisor of the Company considered relevant facts, evidence and laws and are of the opin ion that the Company did not commit a wrongful act against the Plaintiffs as claimed and, therefore, it should have no liability as claimed. The Company submitted the statement of defense to the Rayong Provincial Court on 8 June 2023. Accordingly, the Company has not recorded any provision for any losses resulting from such case. On 22 December 2025, the Rayong Provincial Court has rendered its judgment to dismiss such case. Subsequently, the Plaintiffs filed a request for an extension for filing an appeal until 23 February 2026. 29 Event after the reporting period At the Board of Directors’ meeting held on 9 February 2026, the Board approved to submit for approval at the Annual General Meeting of the Shareholders, a full year 2025 dividend payment at the rate of Baht 0.50 per share, amounting to Baht 2,254 million to the shareholders entitled to receive dividends. This dividend is subject to the approval of the Shareholders at the Annual General Meeting to be held on 2 April 2026.