Slides
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Thai Oil Public Company Limited Presentation to Investors June 2025
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Disclaimer The information contained in this presentation is intended solely for your personal reference. Please do not circulate this material. If you are not an intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. Some statements made in this material are forward-looking with relevant assumptions, which are subject to uncertainties, which may cause the actual result/performance to be materially deviated from any future result/performance implied by such forward-looking statements. Please note that the company and management/staff are not capable to control and guarantee if these forward-looking statements will be accurately materialized, they are subject to various risks and uncertainties. -2-
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Presentation Agenda TOP GROUP BUSINESS OVERVIEW FINANCIAL HIGHLIGHTS STRATEGIC INVESTMENT PLANS OUTLOOK KEY HIGHLIGHTS -3- FINAL REMARK
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TOP GROUP BUSINESS OVERVIEW -4-
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Strategic Relationship and Operational Integration with PTT -5- Thai Oil’s strong shareholder base • Benefits from PTT’s dual role as our major shareholder and key business partner • All transactions take place at arm’s length and in adherence with strong corporate governance principles Key strategic benefits for Thai Oil 1. Long-term strategic partnership • Thai Oil is PTT’s principal refiner • Long-term strategic shareholder and joint investment 2. Business partnership • Product offtake • Crude procurement 3. Operational synergies • Freight costs reduction • Knowledge transfer and shared services • Close management collaboration and secondment of trained staff 48.00% * Remark * PTT holds total of 48.00 % both direct and indirect. # of Listed Shares 2,233.8 mil. shares Free Float Shares 52.0% * As of 28 Feb 2025 48.00% 10.26% 31.10% 10.63% PTT* Foreign Investors Local Investors NVDR
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TOP Group Synergy & Strategic Role in PTT Group Value Chain -6- NATURAL GAS CRUDE IMPORT Mixed-Xylene Solvent Toluene Pentane Hexane SOLVENTS TOP SPP provides electricity and steam to Thai Oil group and sells its remaining power to the national grid AROMATICS & LAB Lube Base Oil Bitumen TDAE Slack Wax Extract LUBE BASE REFINERY LPG Fuel Oil Diesel Gasoline Jet/Kero PLATFORMATE LONG RESIDUE REFINED PETROLEUM POWER Diversifying to a broad range of downstream products to enjoy higher profit margins and reduce earnings volatility Thai Oil’s Businesses The majority of refined petroleum products are sold domestically to PTT PTT is our principal domestic customer for our lube base products Upstream Intermediate Downstream Paraxylene Benzene Mixed-Xylene Toluene LAB
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Key Milestones: 62 Years, A Long Track Record of Success -7- 2007 • Increased refining capacity to 275 kbd 2008 • The first refinery in Thailand with diesel production to comply with the sulfur content requirements of Euro IV • Capacity expansion of Thai Paraxylene with total aromatics capacity of 900,000 tons p.a. • Invested in Solvents business in Thailand and Vietnam 1993 • We expanded our refining capacity to 190 kbd 1994 – 1997 • Increased total refining capacity to 220 kbd • Initial investment in Thai Paraxylene (“TPX”) and Thai Lube Base (“TLB”) • IPT became the first IPP to enter into a PPA with EGAT2 with 700 MW capacity ; separately, Thaioil Power (“TP”) constructed the power generation plant under the SPP with 118 MW capacity 2004 – 2011 Listing, expansion and diversification Today A leading integrated refining and petrochemical group in Asia Pacific • 275 kbd refinery ( approximately 22% of Thailand’s total refining capacity) • Nelson index 9.81 • Diversified business through 16 subsidiaries 1961 – 1964 1961 • Incorporated 1964 • Commenced operation with distillation capacity of 35 kbd • Simple refinery with Nelson complexity Index ~ 4 1 1970 • Refining capacity expanded to 65 kbpd 1989 • Increased refining capacity to 90 kbpd 2004 • IPO and listed on the SET • Acquired remaining shares in Thai Paraxylene and Thai Lube Base which became our wholly-owned subsidiaries 2017-2018 • 2017 Record High net profit 24,856 MB • Completed lorry expansion project (10 to 15 mml/day) • Established Thaioil Treasury center (TTC) • CFP Investment ($4.8 bn) 2019 • ERU Carve-out to reduce CFP project cost (CFP cost $4.1 bn) 2021-2024 • Olefins investment in Chandra Asri (CAP) $1.183 bn • Power business restructuring • Capital increase • Started HDS-4 operations to produce Euro-5 standard diesel. 2010-2011 • Established Thaioil Ethanol • Manufactured diesel and ULG in compliance with the sulfur and BZ aromatics content requirements of the Euro IV 2013-2014 • Established LABIX • Invested in power biz via GPSC & TOP SPP • Completed Emission Improvement, HVU-2 Debottlenecking & CDU-3 Preheat Train project 2015-2016 • Completed LABIX & TOP SPP 1961 – 1997 Capacity expansion and initial stage of business diversification
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Thai Oil Group Business Structure -8- 9.2 % PTT Group 80.0% 100.0% 100.0% 100.0% Thaioil (TOP) Thai Lube Base (TLB) TOP SPP Thaioil Energy Services (TES) Capacity : 275,000 barrels/day Proceeds the business on various professional of management services 100.0% Multi-product Pipeline Capacity:26,000 m.lts/y 20.0% PTTOR 40.4% Others 50.4% Lube Base Oil Capacity : Base Oil 267,015 tons/annum Bitumen 350,000 tons/annum TDAE 67,520 tons/annum 100.0% 100.0% Thaioil Ethanol (TET) Solvent manufacturer Capacity :141,000 tons/annum Thai Paraxylene (TPX) 100.0% 80.5% Production Sapthip (SAP) Cassava Based Ethanol Capacity : 200,000 lts/day 50.0% TET Ubon Bio Ethanol (UBE) 12.4% Cassava/Molasses Based Plant Capacity : 400,000 lts/day Provides engineering technique consulting services BBGI 12.4% Others 75.2% Aromatics Capacity: Paraxylene 527,000 tons/annum Mixed Xylene 52,000 tons/annum Benzene 259,000 tons/annum Total 838,000 tons/annum LAB producer and distributor Capacity: 120 KTA COD: 2016 Mitsui 25.0%75.0% 2 Small Power Producers Total capacity: 354 MW Steam capacity 757 T/H COD 2016 Capacity expansion 2023 Sells Electricity/Steam to Group PTT Digital Solutions (PTT Digital) Thappline (THAP) Global Power Synergy Public Company Limited (GPSC) Thaioil Solvent Through TOP Next LABIX Company Limited (LABIX) PTT&SMH 55.2% PTTGC 10.0% Thaioil Treasury Center (TTC) 100.0% Enhance financial efficiency, Investment in CVC/Start-up Supports execution of social enterprise of PTT group 15.0%PTT Group 85.0% Sarn Palung Social Enterprise Net Profit Contribution (Avg. 2006 – Q1/25) Sak Chaisidhi (SAKC) Sales & Distribution 100.0% TOP Next Thailand 77.7% 10% 60.0% PT Chandra Asri Pacific Tbk (CAP) 15.0% The Largest Integrated Petrochemical in Indonesia Total Capacity 4.2 Mtons/annum Ethylene 900,000 tons/annum Propylene 490,000 tons/annum 100.0% PT TOP Investment Indonesia (TII) TOP Solvent Vietnam 100.0% PT. Tirta Surya Raya (TSR) JSKEM Principal power plant of PTT Total Equity Capacity 14,076 MW of electricity 3,294 tons/hour of steam 7,472 Cu.m./hour of Industrial water 15,400 RT of Chilled water 64 MWh of battery TOPNEXT India 100.0% 19.5% Others 40% Others 22.3% Others 34.6 % PT Barito Pacific Tbk 30.6 % SCG Chemicals Plc 19.8 % Others 50% Others Free Float 24.8% 54% 18% 13% 14% Refinery Petrochemical Lube Base Others
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Process Linkage: Beauty of Integration -9- Thai Paraxylene PROCESS FLOWCHART JET ULG91 LPG ULG95 KEROSENE MX AGO DIESEL FUEL OIL BITUMEN SULPHUR HVU-1 HVU-2 FUEL GAS BBU 1,800 ADIP SRU-1/2 SRU-3/4 2x210 KMT-1 KMT-2 HDT-1 HDT-2 HDT-3 85,000 HDS-2 MX 40,000 CCR-1 CCR-2 50,000 ADIP Thai Oil TCU 19,000 HVU-3 95,000 HCU- 1 HCU 2 50,000 ISOM 20,000 HMU-1 HMU-2 140TH2 HDS-3 75,000 HVU-3 95,000 FCCU 10,400 CDU-1 45,000 CDU-3 180,00 0 CDU-2 50,000 CCR
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Total Thailand crude refining capacity 1,243.6 kbd (1) One of Region’s Leading Refineries Market shares for refined petroleum product (3) Thai Oil (275 kbpd) PTT’s Principal Refiner BSRC (174 kbpd) IRPC (2) (215 kbpd) SPRC (175 kbpd) BCP (122.1 kbpd) Remarks: • Nelson Complexity Index measures refinery’s upgrading capability for comparison • It is the ratio of complexity barrels divided by crude distillation capacity 14.0 13.8 10.2 9.8 9.7 8.8 6.6 Reliance JX PTTGC TOP SK Corp Sinopec Esso Nelson Index - Regional Comparison (4) PTTGC (2) (280kbpd) Thai Oil 22% Share Nameplate Capacity Note: 1. Source: Energy Policy and Planning Office (EPPO), Ministry of Energy Thailand as of May 2024 2. PTT holds a 47.6% interest in IRPC, a 47.7% interest in PTTGC as at 4 Aug 2020 3. Calculate by total domestic sales of refined petroleum products (excluding by product & LPG) of Thai Oil divided by total sales of petroleum products in Thailand excl LPG . Source from EPPO 4. Source: Worldwide Refinery Survey and Complexity Analysis 2019 from Oil & Gas Journal and company information Fang (2.5 kbpd) 10 28% market shares 33% market shares Q1/25Q4/24
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Strategic Location with Competitive Advantages in Access to Key Markets -11- Our strategic location provide us with 1. Close proximity with the key domestic markets and Indochina 2. Direct access to deep water ports 3. Direct connection with multi- product pipelines Our plants are located within the Sriracha Complex SBM provides direct access to deep water ports, and ability to receive feedstock directly from VLCC We also enjoy available connections to delivery networks such as multi-product pipelines, including Thappline Direct connection with product pipeline system Access to Indochina markets through deep water ports and trucksClose proximity to the key domestic markets Bangkok Map Ta Phut Gulf of Thailand Sriracha (124 km from BKK) THAILAND LAOS VIETNAM CAMBODIA Ø24”, 134 km Saraburi LamlukkaDon Mueng Suvarnabhumi BSRC PTTGC SPRC IRPC Map Ta Phut Sriracha BCP Product pipeline system Khonkhen
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92% 6% 2% 0% 6% 6%1% 36% 18% 18% 12% 4% Optimized & Flexible Operations Superior Performance Thai Oil is able to diversify its type of crude intake and product outputs to maximize demand and margin Sources of Crude • Flexibility in crude intake allows diversification of crude types to source cheaper crude • Flexibility in product outputs by maximizing middle distillates (jet and diesel) by adjusting production mode to capture domestic demand and price premium • Maximize Platformate production to capture higher margin on aromatics • Minimize fuel oil output to avoid lower margin products Product output Domestic demand for petroleum products** ** Source: Energy Policy and Planning Office, Ministry of Energy Thailand % S = 0.78 API = 39.4 % S = 1.43 API = 32.0 % S = 2.52 API = 31.2 Crude Assays based on TOP configuration* % S = 1.97 API = 32.8 *Crude yield as per assay in Spiral as of Feb 2016 4% 48% 13% 21% 14% Middle East SAUDI ARAMCO MOPS Jet Kerosene FOB SG MOPS Gasoil 0.05% Sulfur FOB SG MOPS ULG 95 FOB SG LPG PLATFORMATE GASOLINE JET DIESEL FUEL OIL Q1/25 LONG RESIDUE Reference Price Local Q1/25 MOPS Fuel Oil 0.5%S MOPS Fuel Oil 3.5%S Operations 12 Others FE
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93% 94% 95% 97% 98% 86% 90% 93% 95% 105% 111% 113% 113% 113% 100% 107% 112% 111% 0% 50% 100% 150% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 2021 2022 2023 2024 Industry utilization rate TOP utilization rate 86% 82% 85% 78% 86% 84% 14% 18% 15% 22% 14% 16% Export Q1/24 Q4/24 Q1/25 TOP Ind. TOP Ind. TOP Ind. CLMV 10% 9% 13% 10% 11% 9% Others 3% 8% 2% 12% 3% 7% Refinery : High & Reliable Utilization On Recovering Domestic Oil Demand TOP’s Domestic Sales vs IndustrySales Breakdown by Customers TOP/ Domestic Refinery Utilization Rate Unit: % Utilization Rate (2) Excluding export sale through PTT Source: Department of Energy Business, Ministry of Energy Domestic Oil Demand (1) excluding fuel oil & LPG demand KBD (1) 13 Mar’24 VS Mar’25 Mogas Jet/Kero Gasoil Total +1.8% +10.8% -3.9% -0.3% Domestic Export TOP Industry Thailand Q1/24 TOP Industry Thailand Q1/25Q4/24 TOP Industry Thailand Other Domestic Customers Export (2) Q1/25 Sales Breakdown Q4/24 Sales Breakdown Export Other Domestic Customers (2) 0 200 400 600 800 Mogas Jet/Kero Diesel Total Demand 3M'24 3M'25 -0.4% +15.0% -0.4% +1.8%
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KEY HIGHLIGHTS -14-
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2019 2020 2021 2022 2023 2024 2025 Key Market Highlight Lower GRM from Concerns over Global Trade Tension 15 Impact to Oil Prices & Refining Margin Key Market Factors Dubai Price ($/BBL) Murban OSP ($/BBL) Key Factors to Watch in Q2 to impact crude oil prices and product cracks Global GDP and Oil Demand Impact from Trump’s Tariff Trump 2.0 Crude Oversupply Pressured on Oil Prices Outstripped supply growth to pressure the market, amid uncertainty from sanctions and potentially unwind cuts from OPEC+ Source : EIA(Apr’25) Q1’25 3.2 $(1.8)/BBL (QoQ) Q2TD : $5.1/BBL Q2TD as of 13 May 25 SG GRM ($/BBL) Softening margins in Q1 due to concerns over global economic uncertainty and increasing product supply from new refinery start-up Q1’25 1.8 $0.2/BBL (QoQ) Q2’25 : $ 2.0/BBL $3.3/BBL (QoQ) Q1’25 76.9 Q2TD : $65.0/BBL Increasing crude oil prices in Q1 from U.S. sanctions on Russia, which caused China and India to increase crude oil imports from the Middle East Higher crude premium due to China and India replacing crude oil import from Russia as a result of U.S. sanctions OPEC+ Production Concerns over excess supply due to increased OPEC+ production would add pressured on crude oil prices 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Geopolitical Tensions Concerns over supply disruptions from U.S. sanctions on Russia, Iran and from Middle East conflicts Source : IMF, IEA, EIA, OPEC The U.S. tariff policy could lead to a decline in global oil demand (2.0) (1.5) (1.0) (0.5) 0.0 0.5 1.0 1.5 2.0 94 96 98 100 102 104 106 2022 2023 2024 2025 MBD MBDDemand Supply Stock Build (RHS) Stock Draw (RHS) Slightly Increased Product Supply in Q1 Source : EA(May’ 25) 75 80 85 90 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec From the refinery start-up in China and Nigeria Global Refinery Run (MBD) 3.3 1.3 2.8 1.2 Global GDP (%) Global Oil Demand Growth (MBD) Refineries Closures in Europe and US U.S. tariffs impact a decline in global GDP, which in turn has resulted in slower growth in global oil demand. Potential upward revision of global oil demand growth from US-China trade tariff reduction 1.0 0.2
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16 Q1/2025 Key Business Highlight High Refinery Utilization and Domestic Sales with Competitive Cash Cost ESG & Recognitions Financial Operating Cost Interest Expense Continuously Enhanced Cost Management Key Achievement Operational Commercial U-Rate % Q1/24 Q4/24 Q1/25 Refinery 105%(1) 113% 113% Aromatics 76% 80% 79% LAB 120% 126% 124% Base Oil 70% 83% 83% 37% 37% 36% 18% 17% 18% 18% 18% 18% Middle East Others i.e. WAF, US Local Far East GASOLINE JET DIESEL High and Reliable Refinery Production Optimized Production Capture High Local & Indochina Sales Crude Optimization (1) CDU-3 unplanned shutdown in Jan’24 FY/23 FY/24 Q1/24 Q1/25 • Successfully enforced security provided under EPC contract ~15,084 MB (~440 MUSD) • Successfully bought back USD bond 34.482 MUSD: (2) Extra gain was booked in Q1/25 174 MB Repurchased Amount 34.482 MUSD Booked extra gain in Q1’25 174 MB (2) Q1/24 Q4/24 Q1/25 Q1/24 Q4/24 Q1/25 Local 87% 85% 86% Indochina 10% 13% 11% Other exports 3% 2% 3% 94% 92% 92% 5% 6% 6% 1% 2% 2% Q1/24 Q4/24 Q1/25 1.9 1.9 1.7 1.5 0.7 0.6 0.7 0.5 2.6 2.5 2.4 2.0 16
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17 Value Maximization1 • Successfully enforced security provided under EPC contract ~ 15,084 MB (~ 440 MUSD) Value Enhancement2 Value Diversification3 CFP CAP Market Expansion HVB Other New S - Curve • Launch 1st commercial sales of the D&S product, a significant step in our market expansion in Thailand and Vietnam • Focusing on target countries Vietnam, India, Indonesia • Terminated the EPC contract due to the contractor’s failure to perform its obligations Personal care Paint and coating • CAP successfully finalized the acquisition of Shell Energy and Chemicals Park (SECP) (now Aster Chemicals and Energy) in Singapore, a major step in expanding CAP's strategic footprint in the regional chemical, energy and infrastructure industries • CAP and EGCO injected USD 185 million into PT Chandra Daya Investasi (CDI), reflects strong direction in the infrastructure and diversified portfolio for long-term growth • CAP has started the construction of a Chlor Alkali - Ethylene Dichloride (CA-EDC) plant in Cilegon, as part of the National Strategic Projects (PSN) initiative aiming to promote sustainable economic growth and reduce chemical imports. Biojet New energy (Low Carbon Hydrogen and derivative), SMR and decarbonization technology (CCUS) • Moving towards Specialty Business while strengthen commodity product portfolio Disinfectant & Surfactant o Paint and coating: Defoamer o Personal care: CAPB (Cocamidopropyl Betaine) Specialty Chemical • Aster has reached a sales and purchase agreement to acquire Chevron Phillips Singapore Chemicals Pte Ltd (CPSC), a HDPE manufacturer in Singapore. The acquisition represents a continuing expansion and commitment to delivering integrated, sustainable solutions across the energy and chemical sectors. 3Vs Strategy : Achievement Solid Progress on Key Strategic Projects
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FINANCIAL HIGHLIGHTS -18-
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19 Q1/2025 Key Performance Highlight Lower GIM Due to Softer Refining Margins from Concerns over Global Economic Slowdown ESG & Recognitions 3.5 $/bbl QoQ 1.6 $/bbl Market GRM Stock G/(L) GIM 9.0 5.1 3.5 9.0 3.0 4.6 1.1 1.0 0.9 0.4 1.1 1.0 Q1/24 Q4/24 Q1/25 Refinery Aromatic & LAB Lube Dubai Price Murban OSP Crude Price • Decreasing gasoline spread due to higher supply from the refinery startup in China and Nigeria and weak demand in the U.S. caused by snowstorms • Softer middle distillate cracks pressured by the closure of regional arbitrage, as well as high freight cost • Increasing HSFO spread due to tighter supply from the U.S. sanctions amid lower import in China • Higher PX margin from increasing demand post-stimulus in China and lower supply from production cuts • Decreasing BZ margin due to higher supply after BZ producer in China start its production, high BZ inventory and high freight cost to the U.S. • Stable LAB contribution from limited supply and rising demand for inventory before summer • Lower Base Oil margin due to concerns over global economic slowdown amid the uncertainty from the U.S. tariff • Lower Bitumen spread due to higher HSFO price and weak demand in the region Refinery Aromatic & LAB Lube 0.9 $/bbl QoQ 0.1 $/bbl 1.0 $/bbl QoQ 0.1 $/bbl • Higher crude oil price driven by the U.S. sanctions on Russia, which caused Chia and India to increase crude oil imports from the Middle East, along with lower supply from production cuts by OPEC and OPEC+ • Higher crude premium due to China and India replacing crude oil import from Russia following U.S. sanctions 1.1 1.6 1.8 81.3 73.6 76.9 Q1/24 Q4/24 Q1/25 0.1 (2.1) 1.1 Q1/24 Q4/24 Q1/25 10.4 7.1 5.4 10.5 5.0 6.5 Mkt Acc Contribution ($/bbl) 19
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8,566 3,398 2,714 (742) 95 1,160 (1,961) (726) (370) 84% 4% 5% 6% 74% 12% 11% 3% 20 Financial Performance Softer Net Operating Profit Pressured by Refinery Margins Unit : Million Baht (MB) Net operating profit Stock g/l & Write down on crude & product inventory Other items incl FX g/l on asset & liability, hedging g/l, tax & non- recurring items (1) • Financial Instruments gain/(loss), and unrealized on financial instruments gain/(loss), and others : Q1/24 (110) MB, Q4/24 230 MB, Q1/25 262 MB • Foreign exchange gain / (loss) on foreign currency assets and liabilities : Q1/24 (619) MB, Q4/24 (233) MB, Q1/25 77 MB • Reversal of income tax (expense) : Q1/24 (1,464) MB, Q4/24 (723) MB, Q1/25 (883) MB Remark : (1) Other Items Details TOP Group Net Profit and Contribution* *Contribution excluding Stock g/(l) & one-time items Q1/25 Petroleum & Lube Petchem Power Others & New Business 3,504 TOP Group Net Profit Q4/24: 2,767 737 QoQ 2,714 Net Operating Profit Q4/24 : 3,398 684 QoQ 1,160 Stock G/(L) & Write down on crude & product inventory Q4/24 : 95 1,065 QoQ (307) Other Items Q4/24 : (726) 356 QoQ Q1/24 Q4/24 Q1/25 Q4/24 2,767 MB Q1/25 3,504 MB Q1/24 5,863 MB 75% 4% 14% 7%
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9.0 3.8 3.7 5.1 3.5 5.3 1.1 1.5 1.2 1.0 0.9 1.2 0.4 0.4 0.5 1.1 1.0 0.6 9.1 5.1 (1.7) 3.0 4.6 3.8 1.12 1.5 1.2 1.0 0.9 1.2 0.4 0.4 0.5 1.1 1.0 0.6 10.5 5.7 5.4 7.1 5.4 7.1 10.6 7.1 0.0 5.0 6.5 5.6 Integrated Margin & Competitive Cash Cost (Unit: US$/bbl) Group’s Cash Cost (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Gross Integrated Margin (Unit: US$/bbl) (Unit: US$/bbl) Gross Refining Margin Refinery’s Cash Cost Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) Operating Cost Interest Expense (net) Refinery Aromatic & LAB Lube Base 21 9.0 3.8 3.7 5.1 3.5 5.3 9.1 5.1 (1.7) 3.0 4.6 3.8 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 FY/24 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 FY/24 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 FY/24 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 FY/24
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Financial Performance Unit: Million THB Unit: Million THB Free Cash Flow* Unit: Million THB * Free Cash Flow (FCF) = Operating cash flow – Net CAPEX(PP&E) ** Include performance bond claim under EPC contract approx. 358 MUSD Net CAPEX (PP&E) Net Profit EBITDASales Revenue (35,146) (31,929) (14,503) (8,954) 10,392** Unit: Million THB 22 335,827 505,703 459,402 455,857 114,239 111,962 106,270 2021 2022 2023 2024 Q1'24 Q4'24 Q1'25 (2,485) 29,055 20,251 15,952 6,605 2,672 2,344 12,578 32,668 19,443 9,959 5,863 2,767 3,504 2021 2022 2023 2024 Q1'24 Q4'24 Q1'25 NP (excl stk G/L) NP (incl stk G/L) 13,079 33,574 36,386 28,019 11,691 6,377 5,302 28,142 37,187 35,453 22,026 10,949 6,472 6,462 2021 2022 2023 2024 Q1'24 Q4'24 Q1'25 EBITDA (excl stk G/L) EBITDA (incl stk G/L) (24,642) 11,322 13,584 30,400 7,751 2021 2022 2023 2024 Q1'25
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TOP Group Financial Position & Financial Ratios Financial Ratios Net Debt / Equity Statements of Financial Position (Unit: million THB) Trade Payable / Others Long-Term Debt Equities Current Assets Non-Current Assets Cash & ST investment Consolidated Long-Term Debt as at 31 Mar 25 Net Debt 105,840 million THB (US$ 3,105 million equivalence) 150,393 million THB (US$ 4,412 million equivalence) Total Long-Term Debt As at 31 Mar 25 (34.09 THB/US$) (1) Currency Breakdown Interest Rate Breakdown Avg. Debt Life (yrs) 13.82 yrs Cost of Debt 4.18% 31 Mar 2531 Dec 24 Net Debt / EBITDA (3) Including CCS/FWD 23 5.9 % 4.6 % 6.9 % 6.3 % ROE (2) ROIC (2) BBB- Negative Outlook Baa3 Negative Outlook A+(Tha) Negative Outlook Final rating 409,010 402,960 (3) (1) Including current portion of Long-Term Debt (2) Based on actual performance in the past 12 month
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TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Notes: Excluding approximately 40 M$/year for annual maintenance * CAPEX of CFP Project including the disposal of asset to transfer ownership in the Energy Recovery Unit (ERU) which is a part of the CFP Project and an enforced security provided under the engineering, procurement and construction (EPC) contract. Project Actual Q1’25 2025 2026 2027 2028 2029 CFP project * (339) 442 999 509 190 (619) Total Ongoing CAPEX 9 141 43 7 7 - Reliability, Efficiency and Flexibility Improvement Infrastructure Improvement ( i.e. New Bangphra Raw Water Line, New Fuel Oil Tank, and Effluent Treatment Plant Cover Project ) Other Investments ( i.e. Corporate Venture Capital - CVC , Digital Transformation ) Total CAPEX (330) 583 1,042 516 197 (619) Updated as of May 2025
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-25--25- Annual DPS (Baht/share) 1.80 3.50 3.50 4.50 2.75 2.55 2.00 3.30 2.70 2.30 1.16 2.70 4.50 5.25 2.65 1.50 0.70 2.60 3.70 3.40 1.90 Dividend Payout 23% 38% 40% 48% N/A 43% 45% 45% 45% 50% N/A 45% 43% 43% 53% 49% N/A 42% 26% 39% 43% Dividend Yield* 4.0% 5.6% 5.6% 6.2% 5.2% 7.1% 4.0% 4.7% 4.2% 3.6% 2.3% 5.0% 6.7% 6.2% 3.1% 2.2% 1.6% 4.8% 6.9% 6.7% 3.7% Avg TOP price 44.7 63.0 62.7 72.7 53.3 35.9 49.9 69.8 65.1 64.6 50.4 53.5 66.7 84.2 86.9 68.3 44.0 54.4 53.9 50.4 50.7 Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan Unit : THB/share * Based on average TOP share price in each year R Based on restated financial statement ** Dividend payout before restated ; 2004 = 25% , 2006 = 43%, 2013 = 45% ** ** ** Dividend Payment Dividend R 1.50 1.75 1.75 1.05 0.60 1.30 0.50 0.80 0.56 0.90 1.50 1.50 1.50 1.00 0.60 2.00 0.65 1.20 2.00 2.75 1.00 1.50 1.40 2.00 2.20 1.50 0.60 1.80 3.00 3.75 1.15 0.50 0.70 2.00 1.70 2.75 0.70 1.80 3.50 7.82 9.19 8.66 9.40 0.11 5.91 4.39 7.28 6.04 4.57 (2.03) 5.97 10.40 12.18 4.97 3.08 (1.62) 6.17 15.63 8.70 4.46 FY/04 FY/05 FY/06 FY/07 FY/08 FY/09 FY/10 FY/11 FY/12 FY/13 FY/14 FY/15 FY/16 FY/17 FY/18 FY/19 FY/20 FY/21 FY/22 FY/23 FY/24 1H Dividend 2H Dividend Year Dividend EPS
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STRATEGIC INVESTMENT PLANS -26-
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Thaioil’s Strategic Direction -27- Portfolio Strategic Direction Strategic Objective Vision Drive for Sustainability Effective Execution Measurement 45% 30% 20% 5% New S-Curve Power Petchem & HVPs Petroleum & HVPs Environment + Social + Governance People + Patronage + Partnership + Platform Empowering Human Life through Sustainable Energy and Chemicals Growth / Earnings Diversity / Sustainability To be a competitive Energy & Chemicals company that delivers sustainable returns & better quality of life to all stakeholders Value Diversification Regional Expansion Platform Petroleum Refinery Aromatics Olefins HVPs/Specialties Value Maximization : Integrated Crude to Chemicals Value Enhancement : Integrated Value Chain Mgmt. Innovation • HVB (D&S) • Bio • New Energy • CVC New S - Curve Stable Earnings • Power
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-28- Value Maximization Integrated Crude to Chemicals Value Enhancement Integrated Value Chain Mgmt. Value Diversification • Maximize legacy assets through CFP and CAP • Jump over towards Specialty Chemicals to deliver value & move closer to end-users • Grow commodities & expand wide range of specialty products portfolio • Vietnam, Indonesia and India as our investment playground & market Strengthen Existing Platform & Extend to Downstream Derivatives/HVPs Marketing Platform for Products & Services of Thaioil Group & PTT Group Creating New Growth Platform with Resilient & Sustainable Portfolio • HVB (D&S) to become future growth platform • Bio & New Energy to seed low carbon business & future growth • Power to provide earning stability through own use & growth along with GPSC Thaioil’s Strategic Direction 3V’s Strategic Execution
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Value Maximization CFP CAP Specialty Chemicals Prolong Our Competitiveness Leverage CAP to seize new growth opportunities & ensure investment value Value-Added to Petchem Portfolio Big Long Diversify • Diversify portfolio to sustainable income • Seek for Bio/Green feeds & products • Strengthen and expand downstream value chain • Step into specialty business and application e.g. Chlor-Alkali/ Ethylene Dichloride (CA/EDC) • Strengthen and expand core business in upstream e.g. Acquisition of Shell’s Energy and Chemicals Assets in Singapore in May’24 Business Model Combines polymer resin with additive/ pigment to create specific material properties Production of a material from two or more constituent materials Compounding Compositing Key End - Markets Electronics HealthcareAutomotive Green and Bio Products Utilities/Infrastructure Maximizing Value for Legacy Assets Competitiveness Uplift % Jet & Gasoil Yield & Output 21.1 13.8 12.0 10.2 9.8 9.7 8.8 8.6 6.6 Pre-CFP Post-CFP Pre-CFP Post-CFP Pre-CFP Post-CFP % Medium & Heavy Crude 0% 50-60% Nelson Index 53% 62% Heavier & Cheaper Crude Higher Portion of Higher Margin Products 29
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30 Clean Fuel Project (CFP) • Enhance competitive advantage of the refinery and maintain 1st quartile performer • Enhance capability to upgrade lower value product into higher value product and ability to process heavier (cheaper) crude oil Project Rationale Main Objectives Unit : % vol Nelson Index** 275 KBD 400 KBD (+40%) Existing With CFP Capacity Growth Unit : % vol by grade Upgrading Product Mix Feedstock Flexibility CFP Development COVID-19 Project Cost 7,151 MUSD and with ERU (Power plant) carve out investment cost will be reducedto 6,394 MUSD • Increase competitiveness & ensure TOP quartile positioning • Feedstock cost reduction & flexibility • Produce clean & more valuable product • Plant optimization • Creating opportunity for expanding into Petrochemical business • Enhancement of country’s long term energy stability • Driving force for country’s economic development Benefits to Company Benefits to Thailand Other Existing With CFP 17% 62% 25% 23% 53% 7% 13% Light Distillate Middle Distillate (Diesel/Jet) Fuel Oil0% Light Crude Existing With CFP 40-50% Medium Crude Heavy Crude 100% 5 - 15% 40-50% EPC Signed HDS-4 S/U 9.8 12.0 Existing With CFP Upgrading Ratio* 28% 50% Existing With CFP Note: *Upgrading capacity over CDU capacity Note: **Assess the complexity and capability of a refinery EPC Contract Amendment (+550 MUSD and 24m extension) Approved additional cost from the EGM ( + 1,776 MUSD) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 CDU-4 Fully COD • Successfully received votes from the EGM 89.7 % of shareholders approved an increase of the investment cost in the CFP Project in the amount of ~ 63,028 MB (~ 1,776 MUSD) • Enforced security provided under EPC contract ~ 15,084 MB (~440 MUSD) • TOP will continue to expedite project execution • CDU-4 is expected to be completed in Q2/27 • COD is expected to occur in Q3/28 Way ForwardAchievement FID
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Scope of CFP & Technical Aspect (1) New Upgrading Unit (2) New Distillation Unit (3) New Hydrogen Manufacturing Unit (4) New Treating Unit (5) New Sulphur Recovery Unit (6) New Energy Recovery Unit Crude PX/BZ Fuel Oil LPG Gasoline Jet/Kero Diesel Hy. Naph Naphtha ISOM LPG Kerosene Diesel Lt.Naph HVU-2/3 HVU-4 RHCU VGO SR CCR-1/2 HDT-3 HDT-4 HDS-2/3 HDS-4 KMT-1/2 LPG Tops TPX Tops HCU-1/2 Platformate CDU-3 180 kbd New CDU-4 220 kbd HCU-3 ERU 400 kbd HMU-1/2&PSA-1/3 HMU-3 & PSA-4 CCR PSA-2 SRU Sulfur Isomerate 1 1 2 2 3 5 4 4 LR TLB Bitumen New unit Existing unit 6 -31-
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Olefins Investment in Indonesia (PT Chandra Asri Pacific Tbk- CAP) Execute our post - acquisition plan Total capacity • CAP1 4.2 mtpa • CAP1+2 8.1 mtpa Investment Structure Timeline • First tranche completion by 14 Sep 21 • Realize contribution in Q4/21 onwards Investment US$ 1,183 mn • 1st Tranche US$ 913 mn 15.0% • 2nd Tranche US$ 270 mn 0.38% on CAP2 FID Transaction Summary Nominate 3 out of 15 BOCs in CAP Secondment 3 BoDs from TOP to CAP Assign CAP2 Package C Project Manager Strategic Direction to IC2C Strategy Value Maximization: Further extend Hydro-Carbon value chain to Olefins PetChem, in addition to existing Aromatics Value Enhancement: Geographic expansion Platform for international growth -32- New investments to sustain its portfolio • Diversify into electricity and water business • Extend Ethylene chain : Chlor-Alkali (CA) & Ethylene Dichloride (EDC) as of 31 Mar 2024
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Key Partnership Arrangements TOP can nominate 3 out of 15 directors Polymer Products: PE, PP Liquid Products: Benzene, Toluene, Xylene, etc. LPG, Naphtha Commercial Management Involvement Feedstock Products • PT. Tirta Surya Raya (TSR), Est. 2019 • TOP’s solvent and chemical distributor company in indonesia • TOP holds 77.7% in TSR through TOP Solvent Thailand Board of Directors Strategy & Business Development Project Maintenance & Technical ESG & Sustainability 3 board of commissioners and 3 board of directors appointed on Nov’21 Board of Commissioners -33-
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Shell Energy and Chemicals Park Singapore (SECP) Overview Shell Jurong Island Chemical Plants Subsea pipeline Shell Pulau Bukum Integrated Refinery And ECC Import-export infra within scope of deal (jetties, tanks, pipeline) not exhaustively shown on map Pulau Bukom Refinery Ethylene Cracker / ECC 237 kbd Crude Processing Capacity 1.1 Mtpa Ethylene Production Capacity Downstream Chemicals SMPO MEGSECP covers a fully integrated asset with a ~8 – 10 $Bn p.a. revenue Fully integrated value chain to produce an array of fuel and chemical products Highly strategic "hub" location with established petrochemicals ecosystem and strong government support Experienced team with history of strong operations and HSSE track record SM MEG PO MPG HPEO Polyols Differentiated Polyols Ethoxylates Shell Jurong Island (SJI) 50-80% indigenous feedstock from Refinery into ECC 20-30% crude-to-chemfeed conversation ratio 8-10 $Bn p.a. in revenue >100 global chemical firms with major operations located in SG >25 free trade agreements ~85% sales in Singapore served by pipeline (mainly olefins) ~1,500 FTE included 15 average years of service 0 fatalities since 2005 (PulauBukom and Jurong Island)
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Value Enhancement TOP Group International marketing arm Strategic Countries Thailand Indonesia India (+SG) Vietnam 35 TOP Group International Marketing Arm e X plore Specialty Business e X pand Commodity Cash Cow Disinfectant & Surfactant Specialty Chemicals Specialty Polymer X2 X1 CFP Crude & Product Solvents & Chemicals e X tend Distribution Network X3 Regional Playground
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High Value Business (D+S) Low Carbon and Decarbonization Business New S - Curve “ Our Future Platform Post CFP ” Business Model & Application • Low Carbon and Decarbonization Business1 New Energy (Hydrogen) SAF • CVC 2 • Industrial AI, IoT & sensors • Operation enhancement Power “ Provide stable earnings ” Own use Growth along PTT Group (GPSC) 1 2 • Optimization after TOPSPP expansion • Support Net Zero Pathway • Support GPSC to achieve a total installed capacity of 20 GW by 2030 with 65% from renewable source Specialty Ingredients Formulator Downstream Formulator Personal Care I&I Cleaning Paint & Coating Value Diversification Decarbonization (CCU) Base Material Supplier Creating New Growth Platform “ Our Sustainable Energy ” • D+S • Biotech : Biojet, Biochemical • Well-Being Tech • Climate Tech • Hydrogen • Other new energy • EV/AV relating technology Manufacturing Technology Green & Human Technology Hydrocarbon Disruption
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ESG & Recognitions in 2024 37 Sustainability ESG Benchmarking CSR Awards Highest Rating “AAA” in SET ESG Ratingsas a sustainable stock listed in SETESG index for 10th consecutive years Sustainability Excellence Award from the SET Awards for 7th consecutive years The Highest Score in oil & gas refining and marketing industry for 8 years & DJSI Member for 12th consecutive years Delivered solar power systems to hospitals and schools • Table Tennis • Football • Futsal Organized sports clinics and youth activities • 52.70 kW for Koh Si Chang Hospital in Chonburi • 41 kW to 3 Border Patrol Police Schools and 2 health centers in Prachuap Khiri Khan 2024 Asian Excellence Awards • Asia’s Best CEO • Asia’s Best CFO • Best Investor Relations Professional • Sustainable Asia • Best Investor Relations Company IR Magazine Awards – South East Asia 2024 • Best crisis management • Best innovation in shareholder communications • Rising star Packed and delivered 20,000 survival kits to flood victims • Volleyball • Swimming • Chaing Rai • Phrae • Nan • Sukhothai • Phayao • Phitsanulok • Nong Khai
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WELL–TIMED NET ZERO GHG EMISSION EXECUTION Cut Down Existing Emission Compensate Residual Emission Control Future Emission Net Zero Target (Scope 1&2) Net Zero GHG Emission Strategy Approach to our Net Zero “3Cs” Energy Efficiency Improvement Decarbonization Technology Forestation Carbon Credit -38- Net Zero 2050 2050 2050 2060 2060 2065 Carbon Neutral 2040 - - 2050 2050 2050 2060 2050 2035 Interim Target 15% Reduction PTT Collaborations CCS CCU Hydrogen Renewable Energy ReforestationBio Business Decarbonization as Business Cut Down Existing Emission Fuel Switching Carbon Capturing and Storage Combustion & Energy Efficiency Others e.g. new technology in the future
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Targets & Performance : GHG Emission Mitigation : Green Product Mitigation : Green Operation Then, Energy Efficiency is the key measurement for GHG mitigation in short term, which included in Corporate KPI as Energy Intensity Index (EII) In 2024, Thaioil Group had 5 green product categories and 14 types of environmentally friendly products Direct GHG Emissions Targets (Scope 1) Direct GHG Emissions Performance (Scope 1) Energy efficiency improvement is the major part of our net zero pathway for short- to medium- term as it is the measure that we can carry out straightaway while we are working on long term project. • 246 projects • GHG emissions reduction ~ 456,468 tons of CO2e • Energy cost saving ~ 2,406 MTHB Energy Efficiency Improvement 2012 - 2024 GHG Reduction 2012 – 2024 ~ 456,468 tCO2e 2024 ~ 28,985 tCO2e GHG emissions reduction from Energy efficiency Improvement 2024 ~ 28,985 tons of carbon dioxide equivalents (tCO2e) GHG EMISSION MITIGATION & PERFORMANCE 2024 ~ 919,559 tons of carbon dioxide equivalents (tCO2e) In 2024, GHG emissions was avoided by end user through using of GHG avoided product -39- Remark : In 2024, Thaioil Group had GHG Emissions Scope 2 that originate from the purchase of electricity or steam for consumption for internal production process for the total of 30,753 tCO2e. or 0.88% of GHG Emissions (Scope 1 & 2), which was still less than set target at “less than 0.09 tCO2e”. (Source : Integrated Report 2012-2024) • Bio-based Products (i.e., bio-ethanol from casava and corn) • Biodegradable Products • Compostable Products • Emission Reduction Products (i.e., benzene free chemicals, low PAH solvent) • GHG Avoided Products (i.e., biodiesel and gasohol)
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2025 MARKET OUTLOOK • Crude Oil • Petroleum Products • Thailand Petroleum markets • Lube and Bitumen • Aromatics • Olefins
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Temporary Easing of US-China Trade Tension following 90-day Delay, but Uncertainty Remains to Weigh on Global Economy and Oil Demand ____________________ (1) Source : Platts (Apr’25) (2) Source : IMF (Apr’25) Lower GDP Growth due to uncertainty from Trump’s Tariff2 Trump’s Reciprocal Tariffs Impact to Crude Prices1 New US Reciprocal Tariff rates * 19% 20% 23% 26% 32% 32% 36% 46% 49% 30% Canada EU Mexico India Taiwan Indonesia Thailand Vietnam Cambodia China 11 Apr: Trump temporarily pause global tariffs for 90 days, except for China 2024-2026 GDP Outlook (2) 3.3 2.8 0.9 5.0 6.5 2.8 1.8 0.8 4.0 6.2 3.0 1.7 1.2 4.0 6.3 World US EU China India 2024 2025 2026 • Lower Global GDP growth forecast from new larger tariff at 2.8% for 2025 and 3.0% for 2026, after expanding by 3.3% in 2024 Trump’s Tariff Announcement vs Crude price $/BBL 55 60 65 70 75 80 01-Apr-25 11-Apr-25 21-Apr-25 01-May-25 11-May-25 WTI ICE BRENT DB Reciprocal tariff announced 104% tariff on China US Consumer Confidence Index (3) 80 85 90 95 100 105 110 115 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 • U.S. consumer confidence slumped to a nearly five-year low in Apr’25 as growing concerns over tariffs weighed on the economic outlook US - China Trade War Worsening Economic Conditions3 Trump’s Reciprocal Tariffs Trigger Oil Demand Fears4 Global Oil Demand Growth by Publication (4,5,6) 0.0 0.5 1.0 1.5 2.0 2024 2025 IEA EIA OPEC Y’2024 + 1.2 MBD Y’2025 + 1.0 MBD MBD Demand Growth YoY (MBD) 2024 2025 IEA + 0.9 + 0.7 EIA + 0.9 + 0.9 OPEC + 1.6 + 1.3 Average + 1.2 + 1.0 >>> Lower global oil demand growth to around 1.0 MBD in 2025, factoring in risks from Trump-related uncertainties 2024 2025 (3) Source: Reuters (Apr’25) (4) Source : IEA (Apr’25) Previous Forecast (Jan’25) Previous Forecast +1.1 +1.4 +1.4 3.3 3.3 2.7 2.1 1.0 1.4 4.6 4.5 6.5 6.5 China Consumer Price Index (3) -1.0 -0.5 0.0 0.5 1.0 1.5 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 • CPI fell into negative territory in Feb-Mar’25, remaining in deflationary territory, indicating that China’s consumer deflation persists as trade war poses new risks (4) source (5) Source : EIA (Apr’25) (6) Source : OPEC (Apr’25) (as of 22 Apr’25 after 90-day pause) 34% tariffs on US Worries on recession 90-day pause 145% tariff on China 12 May: U.S. and China agreed to slash steep tariffs for at least 90 days 30% 145% +0.2 MBD Potential upside on top of 1.0 MBD from US-China trade tariff reduction 125% tariff on US 90-day steep tariff 30% on China 10% on US
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0 0.5 1 1.5 2 2.5 3 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Tougher sanction Nuclear deal Uncertainties on OPEC+ to Unwind the Cut in 2025 amid Volatility from Tougher Sanctions ____________________ (1) Source: OPEC (May’25) (2) Source: EIA (May’25) (3) Source : FGE (May’25) 5 OPEC+ Unexpectedly Triples May and June Production Increase by 411 KBD, with Possibility of Reaching 2.2 MBD Target by end of Oct’25 MBD OPEC+ Production and Forecast (1) 32 34 36 38 40 42 44 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Actual OPEC+ production Forecast OPEC+ Production Case 1: Unwind 2.2 MBD within May'26 Case 2: Unwind 2.2 MBD within Oct'25 Baseline Baseline incl. voluntary cut • OPEC+ pushing back the oil output rises by the gradual unwinding of 2.2 MBD from Apr ’25 - Sep’26, but OPEC+ will likely accelerate oil output hikes (411 KBD) and could bring back to the market as much as 2.2 MBD by end of Oct’25 8 Global Oil Supply Growth Outpacing Demand through 2025 (1.0) (0.5) 0.0 0.5 1.0 1.5 2.0 92 94 96 98 100 102 104 106 Q1/22 Q3/22 Q1/23 Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 MBD EIA Global Oil Demand and Production Forecast * (2) MBD • Outstripped supply growth to pressure the market , amid uncertainty from sanctions and more -than- expected unwind cuts from OPEC+, while weaker demand growth from Trump’s tariff 6 -0.5 0.5 1.5 2.5 3.5 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Non-OPEC+ YoY Production Growth by Main Country (2) Strong Non-OPEC Supply Growth in 2025 with slower US production growth • Supply growth in 2025 led by Non- OPEC+, mainly from U.S. output due to reverse offshore drilling bans, but outlook dims as falling oil prices and steep tariffs raise construction costs Others (+0.33 MBD) Brazil (+0.09 MBD) Guyana (+0.08 MBD) Canada (+0.23 MBD) US (+0.47 MBD) Y 2025 (+1.2 MBD YoY) Y 2024 (+1.3 MBD YoY) 7 Expected Tighter Iranian Supply from Tougher US Sanctions, but Limited by New Clear Deal MBD MBD Iran Total Oil Export (3) 0.3 MBD 0.4 MBD 2025 vs 2024 • U.S. “maximum pressure” sanctions on Iran persists, but potential Iran nuclear deal may ease sanctions and boost oil supply by late 2025." Global Oil Demand Global Oil Production Stock Build (Case 1) Stock Draw Stock Build (Case 2)
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-43-Recovering Refining Margin from Seasonal Demand and More Refinery Closures amid Soft Demand due to US Reciprocal Tariff Singapore Cracking GRM ($/BBL) ____________________ (1) QTD as of 16 Jun 25 A. US Reciprocal Tariff to Curb Petroleum Product Demand Mainly on Industrial Sector B. Stronger Jet Fuel Market and Recovery US Gasoline Seasonal Demand amid Weaker Gasoil Market from Economic Slowdown C. Recovering Refining Margin supported by US & EU Refinery Closures amid Weak Demand from US Reciprocal Tariffs Key Highlights 2H’25 vs Q2’25 3.20 3.46 6.51 1.67 3.71 1.18 (0.93) 0.05 1.22 0.38 1.82 2.10 3.80 6.11 3.37 7.96 21.40 7.12 6.30 10.70 8.21 4.02 9.60 5.48 6.83 7.32 3.51 3.62 4.99 4.86 3.16 5.67 Q1'19 Q2'19 Q3'19 Q4'19 Y2019 Q1'20 Q2'20 Q3'20 Q4'20 Y2020 Q1'21 Q2'21 Q3'21 Q4'21 Y2021 Q1'22 Q2'22 Q3'22 Q4'22 Y2022 Q1'23 Q2'23 Q3'23 Q4'23 Y2023 Q1'24 Q2'24 Q3'24 Q4'24 Y2024 Q1'25 Q2'25 Y2025 Avg’19: $3.7/BBL Avg’20: $0.4/BBL Avg’22 : $10.7/BBLAvg’21: $3.4/BBL Avg’23 : $6.8/BBL Avg’24 : $4.9/BBL YTD’25 : $4.42 BBL
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A. US Reciprocal Tariff to Curb Petroleum Product Demand Mainly on Industrial Sector 290 274 -120 -380 166 284 -86 -75 200 220 -150 -120 -500 -400 -300 -200 -100 0 100 200 300 400 500 Gasoline Jet/Kerosene Gasoil Fuel Oil EA FGE Platts Refined Product Demand Growth Forecast in 2025 (YoY) (1) KBD ________________________________________________________________________________ (1) Source : EA (Apr’25, Dec’24), FGE (Apr’25, Dec’24), Platts (Apr’25, Dec’24) • Gasoil and Fuel oil to be most affected due to the slowdown in industrial sector and international trade • Less impact from tariffs on Gasoline and Jet/Kerosene 483 298 -61 136 300 300 400 0 290 274 136 -127 EA FGE Platts EA FGE Platts EA FGE Platts EA FGE Platts Previous Forecast (Dec’24)
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22,000 24,000 26,000 28,000 30,000 Jan Mar May Jul Sep Nov 2020-2024 range 2023 2024 2025 2020-2024 average 160 180 200 220 240 Jan Mar May Jul Sep Nov 2020-2024 range 2023 2024 2025 2020-2024 average __________________________________ (1) Source : EA (Apr’25) (2) Source: Flight Radars (Apr’25) (3) Source: Platts (Apr’25) Improving Jet/Kero Demand despite the Tariff from Stronger Summer Travelling Season but High Inventory to Limit the Upside 2 B. Stronger Jet Fuel Market and Recovering US Gasoline Demand in Summer amid Weaker Gasoil Market from Economic Slowdown Global Jet/Kero Inventory (3) ‘000 Flights per day 50 70 90 110 130 150 Jan Mar May Jul Sep Nov 2025 2024 2023 2022 2021 Commercial Flights (2) Recovering Gasoline Demand and Stock draw during US Driving Season Support Crack1 Global Gasoline Inventory (1) 220 240 260 280 300 Jan Mar May Jul Sep Nov 2020-2024 range 2023 2024 2025 2020-2024 average MBBL KBD Refinery Maintenance 2025 (1) 0.0 4.0 8.0 12.0 Jan Mar May Jul Sep Nov MBD 2024 Africa Asia Pacific Europe FSU Latin America Middle East North America 2025 Global Gasoil Inventory (1) 100 140 180 220 260 Jan Mar May Jul Sep Nov 2020-2024 range 2023 2024 2025 2020-2024 average MBBL Softer Gasoil Market in Near Term from the Tariff and Resumed Refinery Run after Maintenance, but Low Inventory to Limit the Downside 3 Global Gasoline Demand (1) MBD
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-900 -800 -700 -600 -500 -400 -300 -200 -100 0 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 _________________________________________________________________________________ Source: FACTs Semi Annual Reports Fall (Aug’24), FACTs AWRO (Dec’24), Energy Aspect ( Apr’25) Note: Adjusted capacity based on start-up period (effective additional capacity) Global Effective CDU Addition VS Additional Demand 85% 76% 80% 83% 84% 84% 85% 85% 85% 85% 85% 85% 0% 20% 40% 60% 80% 100% (3,000) (1,800) (600) 600 1,800 3,000 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 KBD Incremental Demand Other Asia FSU Latin America Africa North America India Europe China Middle East Incremental Capacity Operating Rate [RHS] Refinery Closures in US & EU and Improving Flight Travelling to Support Refining Margin despite Weak Gasoil Market from US Reciprocal Tariffs C. Recovering Refining Margin Supported by US & EU Refinery Closures amid Weak Demand from US Reciprocal Tariffs Cumulative Product Loss from 2025 Atlantic Basin Refinery Closures KBD
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Thailand Petroleum Demand in 2025: Continuing a Slow Growth Trend 32.2 31.7 29.1 30.2 31.4 31.4 31.2 31.8 31.5 31.9 31.6 15 20 25 30 35 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F Gasoline Demand MML/Day MML/Day Gasoil Demand 65.5 64.5 62.7 72.8 68.7 68.6 70.5 68.9 64.1 69.2 68.2 30 40 50 60 70 80 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F MML/Day Jet Demand 19.6 7.5 4.9 9.1 13.7 16.2 19.5 16.5 16.7 18.1 17.7 0 5 10 15 20 25 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F MML/Day Fuel Oil Demand 5.4 4.8 5.5 6.4 5.4 5.0 5.3 4.6 4.9 5.3 5.0 2 3 4 5 6 7 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F Source: DOEB, PTT & TOP Estimation (Apr’25) Factor/Policy to Watch in 2025 Pre-COVID level Pre-COVID level Pre-COVID level Pre-COVID level Q1’25 vs Q1’24: -0.4% 2025 vs 2024: +0.7% Q1’25 vs Q1’24: -0.4% 2025 vs 2024: -0.6% Q1’25 vs Q1’24: +15.0% 2025 vs 2024: +9.1% Q1’25 vs Q1’24: +1.0% 2025 vs 2024: -0.04% Foreign Tourists • 38 million people or +6.9% YoY (lower from previous forecast at around 40 million people), due to many concern situations e.g the kidnapping of Chinese actor, safety concerns after earthquake in Mar’25. (Source: Bangkok Post) Passenger & commercial car registration • Slow growth from high household debt and tighter financing rules (In 2024, passenger car (RY1 & RY2) = -22% YoY, commercial car (RY3, Bus, Truck) = -28% YoY) (Source: DLT) Slow growth due to lower GDP and low passenger car registration 1 Lower demand pressured by weak domestic economy and low commercial car registration 2 Easing growth rate supported by increased tourist arrivals, with Chinese tourism constrained by safety concerns and domestic travel policy Stable demand due to weak exports impacted by U.S. reciprocal tariff policy 3 4 Trump’s Reciprocal Tariff Policy and Thailand GDP • Uncertainty U.S. reciprocal tariff rate in Thailand at 36%. • Possible impact on GDP by 1%, which IMF adjusted GDP forecast from 2.9% to 1.8%. • Thailand will increase imports of energy, aircraft, and agricultural products from U.S. in response to the Trump’s policy. (Source: IMF) Export Value • -0.4% YoY (existing forecast at +2-3%), due to U.S. reciprocal tariffs that pressure on global trade. (Source: SCB EIC) • BEV registration & accumulation in 2024 • BEV registration = 68,023 (13% per total car) • BEV accumulation = 156,162 (1.2% per total car) (Source: DLT)
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1.8 3.0 2.2 1.9 3.7 2.0 2.01.0 -0.6 2.5 -0.3 0.3 1.6 1.4 40% 50% 60% 70% 80% 90% (1) 0 1 2 3 4 5 2019 2020 2021 2022 2023 2024 2025 BZ Effective Capacity Addition BZ Demand Growth Operating rate (%) 5.6 8.4 1.7 6.0 8.7 -0.4 1.1 2.5 3.2 2.6 0.0 4.7 5.4 1.6 40% 50% 60% 70% 80% 90% (2) 0 2 4 6 8 10 2019 2020 2021 2022 2023 2024 2025 PX Effective Capacity Addition PX Demand Growth Operating rate (%) Slow PX and BZ Demand Growth from Concern Over U.S. Tariffs despite Slow Supply Surplus Global PX Capacity Addition vs. Demand Growth ____________________ Source: CMA (Spring 25), Trade Map, CCF Group, ICIS, and TOP’s Estimation MT A B Global BZ Capacity Addition vs. Demand Growth MT New Highlight: Impact of US tariffs on Aromatics Chains 0 5 0 4 8 2024 2025 2026 GDP Growth (%) Global Demand Growth (MT) PX Demand BZ Demand Global GDP 33 67 China Other China exported clothing to US around 5.0 Million Tons in 2024. US Clothing import Share Chinese PX demand may reduce from lower end use demand. The clothing industry could find new market destination. Asian PX may still be overcapacity if China reduces PX import. 51 34 7 Domestic Export to Other Export to US China exported over $110 billion of home appliances in 2024 with US absorbing nearly 18% of this volume China Home Appliances sector According the share volume, U.S. tariffs may affect end -use product like ABS which is BZ derivatives. The projection shows lower below 5% growth of ABS demand this year. The US tariffs policy make uncertainty in economic outlook and reflex to aromatic demand which rely on consumer confidence. After tariffs launching, estimated Chinese polyester fiber consumption growth has down from 5.3% to 2%
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2.9 5.4 5.2 5.9 6.1 4.6 7.0 2.4 3.9 3.8 0.6 2.7 3.0 40% 50% 60% 70% 80% 90% 0 2 4 6 8 10 2019 2020 2021 2022 2023 2024 2025 PP Effective Capacity Addition PP Demand Growth Operating rate (%) 1.4 3.9 3.1 3.8 4.1 1.0 2.81.4 2.4 1.7 0.3 0.5 0.7 1.5 40% 50% 60% 70% 80% 90% 0 2 4 6 8 10 2019 2020 2021 2022 2023 2024 2025 HDPE Effective Capacity Addition HDPE Demand Growth Operating rate (%) Challenging Olefins Market from Chinese Capacity Additions, Especially PP products Global PP Capacity Addition vs. Demand Growth ____________________ Source: CMA (Spring 25), Chemical Market Analytics, ICIS, S&P Global, and TOP ’s Estimator MT BA Global HDPE Capacity Addition vs. Demand Growth MT New Highlight: China imports 100 % Ethane and 59 % Propane from U.S. Both ethane and propane feedstocks in China majorly come from US. Only gas- based crackers have still positive margins in overcapacity period. Chinese Gas Feedstock from US Tariffs Effect on Olefins Feedstock PDH unit in China may stop more investments from high feedstock cost which is affected by U.S. tariffs. In the same way, ethane cracker is still valuable to produce. CAGR Ethane/ Propane import +105%/ +50% 0 10 20 30 40 Ethane Propane Ethane Propane 2018 2024 MTon US Other 0 70 140 1-Jan-25 1-Feb-25 1-Mar-25 1-Apr-25 1-May-25 US Propane Tariffs US Ethane Tariffs China lunch US goods exemption lists which include ethane and PE on Apr 25, 2025 0 2.5 5 0 4 2024 2025 2026 GDP Growth (%) Global Demand Growth (MT) HDPE Demand PP Demand Global GDP The polyolefins demand is lower by 10% caused by slow economic growth and uncertainty of reciprocal tariffs. After China and US discussion, The reciprocal tariffs is reduced to 10% on US goods.
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Slightly Softer Base oil Spread from New Gr.2/3 Supply amid Slightly Improving Bitumen Spread 1 Potential Additional Capacity From New Gr.2/3 Plants AP/ME Base Oil Effective Capacity Addition vs. Demand Growth (1,2) MTON -0.5 0.0 0.5 1.0 1.5 2.0 2021 2022 2023 2024 2025 Gr.1 Capacity Gr.2 Capacity Gr.3 Capacity Gr.2 Demand Gr.3 Demand Lube Plant Start-up ____________________ (1) Source : Argus (Apr’25) (2) Source : ICIS (Mar’25) Continuing bitumen demand growth in the region 3 0 1 2 3 4 5 2019 2020 2021 2022 2023 2024 2025 2026 Indonesia Malaysia Thailand Vietnam Other SEA Demand (1) MT 1.1 1.2 0.7 1.1 1.7 1.0 0.7 0.5 0.7 0.2 Gr.1 Supply to Gradually Increase in 2H-25 due to Lower Major Turnarounds 2 Asia Pacific Base Oil Plant Maintenance (1) Gr.1 Gr.2 Gr.3 0 100 200 300 400 500 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 KTA Q1: 161 KTA Q2: 191 KTA Q3: 85 KTA Q4: 33 KTA Country Company Nameplate Capacity (KTA) Group Start-up India IOC (Haldia) 120 2 Q2’24 India IOC (Haldia) 150 3 Q2’25 India IOC (Vadodara) 235 2/3 2H’25 Singapore ExxonMobil 1,000 2 2H’25 India IOC (Panipat) 540 2/3 Q4’26
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-51-Conclusion 2H’25 Market Outlook Conclusion Crude Oil Refinery Petchem Slow PX and BZ Demand Growth from Concern Over U.S. Tariffs despite Slow Supply Surplus Challenging Olefins Market from Chinese Capacity Additions, Especially PP products Recovering Refining Margin from US Gasoline Seasonal Demand and More Refinery Closures amid Soft Demand due to US Reciprocal Tariff to Limit the Upside Softer Oil Price due to Higher OPEC+ Supply from Unwinding Production Cut and Economic Concerns over Trump’s Tariff amid Uncertainty of Supply Impact from Sanctions Lube Base Slightly Softer Base oil Spread from New Gr.2/3 Supply amid Slightly Improving Bitumen Spread 51 (vs. Q2’25)
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-52- -52- FINAL REMARK
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-53- “ ” Our strongest commitment is on delivering the CFP Project — We are progressing in the right direction as planned
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APPENDIX • CAPEX Plan • Financial Performance • World GRM / Inventories • Thailand Petroleum Demand by Products -54-
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TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Notes: Excluding approximately 40 M$/year for annual maintenance Project Actual Q1’25 Estimated Budgeting for Investment Plan 2025 – 2029 2025 2026 2027 2028 2029 CFP project * (339) 1,521 442 999 509 190 (619) Total Ongoing CAPEX 9 198 141 43 7 7 - Reliability, Efficiency and Flexibility Improvement Infrastructure Improvement ( i.e. RHCU Phrase 2, New Bangphra Raw Water Line, and Effluent Treatment Plant Cover Project ) Other Investments ( i.e. Corporate Venture Capital - CVC , Digital Transformation ) Total CAPEX (330) 1,719 583 1,042 516 197 (619) Updated as of May 2024 * CAPEX of CFP Project including the disposal of asset to transfer ownership in the Energy Recovery Unit (ERU) which is a part of the CFP Project and an enforced security provided under the engineering, procurement and construction (EPC) contract.
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93% 94% 95% 97% 98% 86% 90% 93% 95% 105% 111% 113% 113% 113% 100% 107% 112% 111% 0% 50% 100% 150% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 2021 2022 2023 2024 Industry utilization rate TOP utilization rate 86% 82% 85% 78% 86% 84% 14% 18% 15% 22% 14% 16% Export Q1/24 Q4/24 Q1/25 TOP Ind. TOP Ind. TOP Ind. CLMV 10% 9% 13% 10% 11% 9% Others 3% 8% 2% 12% 3% 7% Refinery : High & Reliable Utilization On Recovering Domestic Oil Demand TOP’s Domestic Sales vs IndustrySales Breakdown by Customers TOP/ Domestic Refinery Utilization Rate Unit: % Utilization Rate (2) Excluding export sale through PTT Source: Department of Energy Business, Ministry of Energy Domestic Oil Demand (1) excluding fuel oil & LPG demand KBD (1) 56 Mar’24 VS Mar’25 Mogas Jet/Kero Gasoil Total +1.8% +10.8% -3.9% -0.3% Domestic Export TOP Industry Thailand Q1/24 TOP Industry Thailand Q1/25Q4/24 TOP Industry Thailand Other Domestic Customers Export (2) Q1/25 Sales Breakdown Q4/24 Sales Breakdown Export Other Domestic Customers (2) 0 200 400 600 800 Mogas Jet/Kero Diesel Total Demand 3M'24 3M'25 -0.4% +15.0% -0.4% +1.8%
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0 20 40 60 80 100 Q1 Q2 Q3 Q4 Q1 Q2TD 2024 2025-20 -10 0 10 20 30 Q1 Q2 Q3 Q4 Q1 Q2TD 2024 2025 Refinery : Softer Contribution From Lower GRM Pressured by Rising Supply amid Weaker Demand 57 Gross Refinery Margins (GRM) ($/bbl) Acc. GRM GO - DB JET - DB ULG95 - DB VLSFO - DB HSFO - DB 13.2 14.3 7.7 1.1 (2.0) Q1’25 Key Petroleum Product Spreads ($/bbl) MB-DB Dubai 76.9 1.8 Q1’25 Crude Price and Premium ($/bbl) Crude Intake (%) Refinery Utilization (%) Middle East Crude Intake Murban Crude Intake Q1’25 Market GRM (QoQ) Performance + Q1’25: Stable refinery run rate at 113% − Higher crude premium due to increased demand for M.E. crude from China and India following U.S. sanctions against Russian exports. − Decreasing gasoline spread from increased supply from China and Nigeria, amid weaker demand in the U.S. due to snowstorms − Reduced middle distillate cracks pressured by the closure of regional arbitrage and high freight cost. As well as lower heating demand following the winter season. − Lower VLSFO spread pressured by rising supply, following increased exports of sweet -grade crude from Brazil and Sudan. + Increasing HSFO spread supported by tighter supply as a result of U.S. sanctions on Russia. 9.1 5.1 (1.7) 3.0 4.6 3.8 2025 FY/24 9.0 3.8 3.7 5.1 3.5 5.3 0.1 1.4 (5.4) (2.1) 1.1 (1.5) Q1 Q2 Q3 Q4 Q1 FY/24 2024 2025 Market GRM Stock G/(L)
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0 50 100 150 200 250 Q1 Q2 Q3 Q4 Q1 Q2TD 2024 2025 58 Gross Integrated Margins (GIM) & Product-To-Feed Margin (P2F) Aromatic’s Sales (excluding by product) (Kton) PX-ULG95141 155 Q1’25 Aromatic Spreads ($/ton) LAB Utilization (%) TPX Utilization (%) Q1’25 Market GIM (QoQ) Performance − Q1’25: Slight decrease in TPX utilization rate to 79% to optimize production, as well as a decrease in LAB utilization rate at 124% + Higher PX margin supported by improving demand driven by China’s stimulus package, while PX producers in Asia reduced utilization rates. − Decreasing BZ margin pressured by elevated global inventories, following new supply from olefins producers in China. + Stable LAB contribution due to improving domestic demand in Thailand. GIM ($/bbl) PX BZ TL P2F ($/ton) P2F ($/bbl) Aromatics & LAB : Softer Contribution Pressured by BZ Spread due to Elavated Global BZ Inventories 1.1 1.5 1.2 1.0 0.9 1.2 BZ-ULG95 2025 2025 67 79 65 54 56 67 9.7 11.5 9.5 7.1 7.3 9.6
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-200 0 200 400 600 800 Q1 Q2 Q3 Q4 Q1 Q2TD 2024 2025 90 72 88 139 130 97 13.3 10.9 13.4 21.5 19.7 14.8 0.4 0.4 0.5 1.1 1.0 0.6 59 Gross Integrated Margins (GIM) & Product-To-Feed Margin (P2F) TLB’s Sales (excluding by product) (Kton) Base Oil & Bitumen ($/ton) TLB Utilization (%) Q1’25 Market GIM (QoQ) Performance GIM ($/bbl) P2F ($/ton) P2F ($/bbl) Base Oil : Lower Contribution Pressured by Increased HSFO Prices, as well as Rising Power and Steam Costs. Base Oil Specialty Bitumen − Decreasing Base Oil margin due to concerns over economic fragility amid ongoing trade war uncertainties − Softening Bitumen spread from reduced regional demand + Q1’25: Stable utilization rate at 83% Bitumen-HSFO 500SN-HSFO 543 (49) Q1’25 2025 FY/24 FY/24
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9.0 3.8 3.7 5.1 3.5 5.3 1.1 1.5 1.2 1.0 0.9 1.2 0.4 0.4 0.5 1.1 1.0 0.6 9.1 5.1 (1.7) 3.0 4.6 3.8 1.12 1.5 1.2 1.0 0.9 1.2 0.4 0.4 0.5 1.1 1.0 0.6 10.5 5.7 5.4 7.1 5.4 7.1 10.6 7.1 0.0 5.0 6.5 5.6 Integrated Margin & Competitive Cash Cost (Unit: US$/bbl) Group’s Cash Cost (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Gross Integrated Margin (Unit: US$/bbl) (Unit: US$/bbl) Gross Refining Margin Refinery’s Cash Cost Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) Operating Cost Interest Expense (net) Refinery Aromatic & LAB Lube Base 60 9.0 3.8 3.7 5.1 3.5 5.3 9.1 5.1 (1.7) 3.0 4.6 3.8 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 FY/24 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 FY/24 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 FY/24 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 FY/24
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474 559 463 404 410 1,900 Power : Slightly Improving Contribution From Higher Selling Prices Tracking Natural Gas Prices 61 EBITDA (Million Baht ) Net Profit (Million Baht ) 100% 10% (1) TOP shareholding in GPSC decreased from 24.29% to 15.38% in Nov’20 – Jan’21, and increase to 20.78% in Feb’21 after TP’s EBT completion (2) TOP shareholding in GPSC decreased from 20.78% to10.0% in Jun’22 after GPSC sale execution according to recapitalization plan (1)(2) Dividend income Since Jun’22 Q1’25 Performance Highlight (QoQ) + Higher contribution from TOP SPP due to higher selling prices tracking natural gas prices. - No dividend income from GPSC Consolidated to TOP SPP (TP+TOP SPP) Equity income / Dividend income from GPSC* * TOP shareholding in GPSC changed from 20.78% to 10% end of May’22 and change from equity method to general investment (receive dividend) Electricity Sales (GWh) Steam Sales (kton) 2025 2025
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Olefins : Lower Contribution Due to Reduced Demand pressured by Economic Uncertainty Polymer Spreads Net Profit (million USD) Q1’25 Performance Highlight (QoQ) TOP Investment Indonesia (TII)* Performance Monomer Spreads Olefin Product Spreads − Lower contribution from CAP due to reduced demand, pressured by economic uncertainty and the Ramadan period in Indonesia. 62 *TII shareholding in CAP 15% since Sep’21 Overall
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103% 81% 77% 97% 66% 90% Q1 Q2 Q3 Q4 Q1 2024 2025 FY/24 Solvent : Higher Contribution from Improving Margins Ethanol : Improving Contribution from Lower Raw Material Costs Utilization Rate(2) Net Profit (million THB) Q1’25 Performance Highlight (QoQ) Solvent Business EBITDA (million THB) Ethanol Business + Higher contribution due to improving gross profit margins despites losses on FX from Thai Baht appreciation. Net Profit (million THB) + Improving contribution due to reduced raw material costs and operating costs. EBITDA (million THB) Production Rate(1) (1) Based on SAKC utilization, which TOPNEXT holds 80.52% stake in SAKC. SAKC’s capacity increased from 141 kTA to 214 kTA since Apr 2023. (2) Based on SAPTHIP utilization, which TET holds 50% stake in SAPTHIP. 63 Q1’25 Performance Highlight (QoQ) 285 255 212 167 227 919 Q1 Q2 Q3 Q4 Q1 2024 2025 FY/24 236 104 (3) 49 84 385 Q1 Q2 Q3 Q4 Q1 2024 2025 FY/24 93% 90% 97% 87% 89% 92% Q1 Q2 Q3 Q4 Q1 2024 2025 FY/24
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(MB) Q1/25 Q4/24 QoQ+/(-) Q1/24 YoY+/(-) Sales Revenue 106,270 111,962 (5,692) A) 114,239 (7,969) D) Net Realized G/(L) on commodity hedging 70 224 (154) 37 33 EBITDA 6,462 6,472 (10) B) 10,949 (4,487) E) EBITDA excl. Stk G/(L)&NRV 5,302 6,377 (1,075) 11,691 (6,389) Net G/(L) of Financial Instrument 192 6 186 (147) 339 FX G/(L)(1) 80 (487) 567 (871) 951 Gain from bond buy back 174 - 174c) 232 (58) Financial cost(2) (969) (986) 17 (1,047) 78 Tax Income (Expenses) (883) (723) (160) (1,464) 581 Net Profit (Loss) 3,504 2,767 737 5,863 (2,359) EPS (THB/Share) 1.57 1.24 0.33 2.62 (1.05) Stock G/(L) and NRV 1,160 95 1,065 (742) 1,902 THB/US$ - average selling 34.13 34.16 (0.03) 35.81 (1.68) THB/US$ - ending selling 34.09 34.15 (0.06) 36.63 (2.54) Consolidated Financial Performance 64 QoQ Analysis YoY Analysis A. Lower sales volume and declining selling prices. B. Lower GIM from lower refinery product spreads C. Special gain recognized from bond buy back of 34.482 million USD D. Lower selling prices despite an increase in sales volume E. Decreasing GIM from lower refinery product spreads (1) FX G/(L) mainly from AR/AP, FCD, Bond, , and loan including realized loss from bond buy back (2) Excluding interest expenses which were capitalized in PPE
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Loans proceeding 4,272 Loans repayment (4,915) Bond issue / (Paid) (996) Interest (1,031) Dividend& Others (259) ST investment (7,468) CAPEX (PP&E) & others 10,315 Net income 4,933 Depreciation & NRV 2,095 Other adj. 585 Change in working capital (9,720) Consolidated Cash Flow 65 Operating Investing Financing (2,642) 2,847 (2,929) 1) 2) Unit : Million Baht Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol 205 Free Cash Flow (2,724) 44,553 3) 1) AR and inventory 1,951 MB AP (4,141) MB. Oil Fuel fund (1,036) MB 3) ST-loan SAPT 280 MB, TX Group 4,263 MB LT-loan, TOP 350 MB, TX group 22 MB 2) ST-loan TX Group 3,784 MB, SAPT 479 MB LT-loan TX group 9 MB 4) Effect of FX changes was mainly from the FX gain/loss of FCD and other adjustments 39,738 (2,642) 2,847 (2,929) 132 Ending Cash & ST Investment 31 Dec 2024 Operating Investing Financing Effect of FX Changes Ending Cash & ST Investment 31 Mar 2025
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Gross Refinery Margin & Crude Refinery Input World GRM 66
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Global Crude Oil Inventories Inventories 67
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Global Gasoline Inventories Inventories 68
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Global Middle Distillate Inventories Inventories 69
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Global Fuel Oil Inventories Inventories 70
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China’s Refined Product Exports 71
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-72- Domestic LPG Demand LPG Demand by Sector LPG Demand Highlight • In 3M’25, LPG demand increased by 0.3% YoY. The demand was supported by automobile and cooking sector, which increased by 3.4% and 2.1% YoY, respectively. However, the demand was pressured by petrochemical and industrial sector, which decreased by 4.8% and 3.4% YoY, respectively. Outlook for 2025 • LPG demand is expected to be increased by around 1.1% YoY, which will be supported by higher demand of petrochemical sector. Also, the demand will be supported by higher demand from cooking sector, as Ministry of Energy (MOE) plans to maintain the retail price of LPG for cooking at 423 baht per 15 kg cylinder until 31Jun’25, in order to help reducing the cost of living. Thailand LPG Demand Remark : LPG demand includes Petrochemical consumption Source: EPPO, DOEB (As of Apr 2025) KT/Day KT/MTH Thailand Petroleum Demand by Products 16.7 17.7 17.2 0 5 10 15 20 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2024 0 100 200 300 400 500 600 700 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 2023 2024 2025 Cooking Industrial Automobile Petrochemical 72
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-73- Domestic Gasoline/Gasohol Demand Gasoline/Gasohol Demand by Grade GASOLINE/GASOHOL Demand Highlight • In 3M’25, Gasoline demand decreased by 0.5% YoY. The demand was pressured by lower demand of GSH91 E10, E20 and E85, which decreased by 15.3%, 5.0% and 19.5% YoY, respectively, due to lower new passenger car registration from high household debt and slight impact from the increase of BEV registration. However, the demand was supported by higher demand of GSH95 E10, which increased by 8.0% YoY, due to a narrower price gap compared to GSH91 E10 and E20. Outlook for 2025 • Gasoline consumption is expected to grow slowly at 0.7% YoY, due to low passenger car registration and slow economic growth. The International Monetary Fund (IMF) forecasted that Thailand GDP will expand by 1.8% in 2025 compared to the previous estimate at 2.9%. In addition, NESDC forecasted that Private Consumption Index (PCI) will increase by 3.0% in 2025, which is lower than the 2024 PCI growth of 4.8%, due to high household debt. Thailand Gasoline/Gasohol Demand MML/Day MML/Day Source: DOEB, MOF (As of Apr 2025) 30.9 31.6 31.2 0 10 20 30 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2024 0 5 10 15 20 25 30 35 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 2023 2024 2025 ULG95 GSH 91 (E10) GSH 95 (E10) GSH E20 GSH E85 Thailand Petroleum Demand by Products 73
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-74- Domestic Jet Demand Thailand Petroleum Demand by Products JET-A1 Demand and Number of Flights JET Demand Highlight • In 3M’25, Jet consumption increased by 15.0% YoY. The demand was supported by the expansion of flight movements, which increased by 11.1% compared to last year. In addition, according to Ministry of Tourism & Sports, the tourist numbers from 1 Jan to 20 Apr’25 reached 11.3 million, increased by around 0.5% compared to the same period of last year. Thailand JET Demand Source: DOEB, TAT (As of Apr 2025) MML/Day MML/MTHFlights 20.0 19.7 18.8 0 4 8 12 16 20 24 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2019 2024 0 100 200 300 400 500 600 700 800 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep 2019 2020 2021 2022 2023 2024 2025 Number of Flights (LHS) JP 1 Demand (RHS) Outlook for 2025 • Jet demand growth is expected to increase by 9.1% YoY. Tourist numbers in 2025 is expected to be around 38 million, increased by 6.9% YoY, but lower than previous forecast at around 40 million people. The downward revision is mainly due to lower - than-expected Chinese tourist arrivals, impacted by several concerns such as the kidnapping of a Chinese actor and safety concerns following the earthquake in Thailand in Mar’25. 74
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-75- Domestic Gasoil and NGV Demand Thailand Petroleum Demand by Products NGV Demand Thailand Gasoil Demand MML/Day KT/Day Gasoil Demand Highlight • In 3M’25, gasoil demand decreased by 0.4% YoY, pressured by lower Manufacturing Production Index (MPI) and low commercial car sales. However, the rebound in the tourism and service sectors resulting in higher diesel base consumption and improvements in transport activities. Additionally, the government continued to maintain the diesel retail price cap at 33 THB/liter in Q1’25, while there was a continuous inflow of funds into the Oil Fuel Fund. Source : EPPO, DOEB (As of Apr 2025) NGV Demand Highlight • In 2M’25, NGV demand decreased by 8.6% YoY, reflects a combination of reduced vehicle usage, declining infrastructure support, limited policy coverage, and shifting market preferences. However, PTT continues to provide support by maintaining fixed NGV prices of 15.59 baht/kg for taxis and public transport vehicles holding benefit cards until Dec’2025. Meanwhile, the current price for other vehicles stands at 18.45 baht/kg, reduced from the previous due to a price drop. Additionally, NGV prices for vehicles will be adjusted monthly based on the prevailing market price structure. Outlook for 2025 • Gasoil demand is expected to decrease 0.6% YoY, pressured by global and domestic economic slowdowns particularly due to domestic household debt, low commercial car registration and decreasing of MPI. However, diesel consumption in agricultural logistics is expected to increase due to the expected increase in agricultural output driven by more rainfall. 69.0 70.7 72.7 70.7 70.4 66.5 66.5 66.3 62.8 65.6 72.0 70.2 50 55 60 65 70 75 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2024 *Exclude Marine Gasoil 75 2.5 2.6 2.6 0 1 2 3 4 5 6 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2024
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-76- Domestic Fuel Oil Demand Thailand Petroleum Demand by Products Thailand Fuel Oil Demand by Sector Thailand Fuel Oil Demand Fuel Oil Demand Highlight • In 3M’25, Fuel Oil consumption increased by 0.9% YoY, mainly driven by higher demand from power sector and other sectors. The demand for electricity increased due to higher gas prices from the escalating tension between Russia and Ukraine and the increasing demand during the winter season. However, consumption in transport and industry sector which accounted for 65.8% and 22.5% of total demand, decreased by 2.3% and 3.1% YoY, respectively. The demand in the industrial sector fell due to limitations of transport and manufacturing days during the long holiday weekend. Source : DOEB (As of Apr 2025) 5.2 5.5 5.0 4.3 4.6 4.5 4.4 5.0 5.4 6.0 5.5 5.0 0 2 4 6 8 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2024 Outlook for 2025 • Fuel Oil demand is projec ted to remain stable at around 0.1% YoY. Demand for transportation may receive indirect support from export -related industrial activity in Q2 2025, as Thai exporters accelerate shipments ahead of the U.S. tariff measures set to take effect on 9 July 2025. However, fuel oil consumption for transportation in the second half of the year remains uncertain and will depend heavily on the outcome of trade negotiations with the U.S. 0 1 2 3 4 5 6 7 8 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 2023 2024 2025 Transportation Industry Electricity Others MML/Day MML/Day 76
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Empowering Human Life Through Sustainable Energy and Chemicals Thank You Any queries, please contact: at email: ir@thaioilgroup.com Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976