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Q3 & 9M/25 Financial Result 7 November 2025 THAI OIL PUBLIC COMPANY LIMITED Conference Call 1
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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 2
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Q3 & 9M/25 - Financial Performance Financial Performance 3 $/bbl Q2/25 Q3/25 9M/24 9M/25 Market GRM 5.2 3.5 5.4 4.1 Stock Gain/(Loss) (4.4) 2.2 (1.3) (0.6) Accounting GRM 0.8 5.8 4.1 3.5 Aromatics & LAB 0.8 0.5 1.3 0.8 Lube base 1.0 1.1 0.5 1.0 Market GIM 7.0 5.2 7.1 5.9 Accounting GIM 2.6 7.4 5.8 5.3 Refinery 113% 82% 110% 103% Aromatics 75% 39% 80% 64% LAB 125% 67% 123% 105% Base Oil 76% 54% 79% 71% TOP Group Net Profit Gross Refining Margin - GRM Gross Integrated Margin - GIM Utilization / Production Rate Remark • Stock gain/(loss) : Q2/25 (4,171) MB, Q3/25 1,508 MB, 9M/24 (3,903) MB, 9M/25 (1,582) MB • Reversal/ (write-down) on crude and petroleum product inventory : Q2/25 (492) MB, Q3/25 76 MB, 9M/24 (2,185) MB, 9M/25 (335) MB • F/X gain/(loss) on gain on foreign currency assets & liabilities : Q2/25 (350) MB, Q3/25 864 MB, 9M/24 68 MB, 9M/25 590 MB • (Tax expense)/Reversal of Tax expense : Q2/25 (292) MB, Q3/25 (498) MB, 9M/24 (1,561) MB, 9M/25 (1,673) MB • Net realized gain/(loss) on financial instruments (commodity hedging only) : Q2/25 (10) MB, Q3/25 466 MB, 9M/24 525 MB, 9M/25 401 MB • Other items: Net gain/(loss) on FV of financial instrument : Q2/25 (621) MB, Q3/25 (558) MB, 9M/24 (271) MB, 9M/25 (987) MB Q2/25 9M/24 9M/25Q3/25 6,476 MB 2,147 MB 7,192 MB 12,126 MB 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) 2,828 (1,064) 13,495 4,477 2,522 1,372 1,148 4,067 7,062 (19) 7,044 (4,663) 1,584 (6,088) (1,917) (1,273) 274 (1,363) (1,545) One-time gain from extraordinary item Gain / (loss) on repurchase of debentures
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Performance Breakdown (1) Petrochemical: Including Aromatics business from 100% of TPX, Olefin business from 15% of CAP net profit and 75% of LAB net profit (2) Power: TOP shareholding in GPSC changed from 20.78% to 10% end of May’22 and change from equity method to general investmen t (receive dividend) (3) Others & New Business: Consisting of Solvent, Ethanol and other business (4) Including gain from bond buy back QoQ Aromatics & LAB Softening contribution mainly due to planned MTA. The spreads of BZ and TL also declined, resulting in a lower P2F margin. Solvent & Chemicals Improving contribution due to effective cost management, despite decreases in sales volume and average selling price. Lube Lower contribution due to planned MTA, resulting in a drop in sales volume. Petroleum Higher contribution from an increase in Dubai crude price, leading to stock gain and improved net profit. Olefins Lower contribution due to declining product prices from weaker demand during the rainy season and increased supply in Asia. Ethanol Lower contribution due to lower selling prices and sales volume amid an oversupply, together with higher production costs. YoY Aromatics & LAB Lower contribution mainly due to lower average selling prices and total sales volume resulting from planned MTA. Solvent & Chemicals Lower contribution due to a decline in sales volume, while the average selling price also decreased. Lube Higher contribution from improved spreads of base oil and bitumen, leading to a higher P2F margin, even though total sales revenue declined. Petroleum Lower contribution due to a decline in market GRM and lower petroleum product spreads over Dubai, resulting from higher crude oil prices. Ethanol Lower contribution due to lower selling prices and sales volume, amid market oversupply and weaker demand for E20 gasohol. 4 (1) (2) (3) Unit : Million Baht (MB) Olefins Significantly higher contribution due to the acquisition and integration of Shell Group’s crude oil refinery in Singapore from CAP in Q2’25. TOP SPP Lower contribution due to lower sales volume from planned maintenance shutdown. GPSC Recognize dividend income Q3/25 141 MB, Q2/25 127 MB TOP SPP Slightly lower contribution due to lower average selling prices following natural gas prices, together with a decline in sales volume pressured by weaker customer demand. GPSC Recognize higher dividend income 9M/25 268 MB, 9M/24 251 MB. Petroleum & Lube Base Petrochemical Power Others & New Business Consolidated Net Profit Q2/25 (2,596) 6,642 609 1,889 6,476 Q3/25 1,177 (370) 366 1,069 2,147 9M/24 3,038 1,196 1,496 1,771 7,192 9M/25 1,451 6,389 1,384 3,163 12,126 (1) (2) (3),(4)
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5 (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 A. TOP: Lower average sales volume following MTA B. Mainly from stock gain following higher crude price C. FX gain due to adjustment related to Bond Buy Back D. Lower GIM mainly from lower refinery product spreads and stock loss E. Gain from bond buy back (before tax) F. NGW from CAP QoQ Analysis YoY Analysis (MB) Q3/25 Q2/25 QoQ+/(-) Q3/24 YoY+/(-) 9M/25 9M/24 YoY+/(-) Sales Revenue 80,049 99,086 (19,037) A) 110,018 (29,969) 285,405 343,895 (58,490) Net Realized G/(L) on commodity hedging 466 (10) 476 95 371 525 401 124 EBITDA 3,897 1,278 2,619 B) (4,268) 8,165 11,638 15,554 (3,916)D) EBITDA excl. Stk G/(L)&NRV 2,313 5,941 (3,628) 3,209 (896) 13,555 21,642 (8,087) Net G/(L) of Financial Instrument (558) (621) 63 62 (620) (987) (271) (716) FX G/(L)(1) 321 (384) 705 C) 1,645 (1,324) 17 540 (523) Gain from Bond buy back 1,372 2,522 (1,150) - 1,372 4,067 1,163 2,904E) Negative Goodwill (19) 7,062 (7,081) - (19) 7,044 - 7,044F) Financial cost(2) (835) (982) 147 (1,011) 176 (2,787) (3,066) 279 Tax Income (Expenses) (498) (292) (206) 1,057 (1,555) (1,673) (1,561) (112) Net Profit (Loss) 2,147 6,476 (4,329) (4,218) 6,365 12,126 7,192 4,934 EPS (THB/Share) 0.96 2.90 (1.94) (1.89) 2.85 5.43 3.22 2.21 Stock G/(L) and NRV 1,584 (4,663) 6,247 (7,477) 9,061 (1,917) (6,088) 4,171 THB/US$ - average selling 32.45 33.27 (0.82) 34.97 (2.52) 33.28 35.85 (2.57) THB/US$ - ending selling 32.46 32.72 (0.26) 32.46 - 32.46 32.46 - Consolidated Financial Performance
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Cash 29,042 (Unit: MB) 9M/24 9M/25 Operating Cash Flow (CFO) 19,404 22,715 Net income before tax 8,794 13,823 Depreciation & NRV 8,590 6,004 Other adj. (2,361) (11,284) Change in working capital1) 4,3811) 14,172 = 9M/24 9M/25 Investing Cash Flow (CFI) (9,750) 13,990 Dividend income 534 677 ST investment (2,052) 5,378 CAPEX (PP&E) & others (8,232) 7,953 Financing Cash Flow (CFF) (19,945) (37,098) Loans proceeding 15,218 17,3322) Loans repayment (10,246) (27,738)3) Bond issue / (Paid) (10,289) (16,827) Interest (5,106) (4,647) Dividend& Others (9,522) (5,217) Free Cash Flow (CFO + CFI) 9,654 36,705 3) ST-loan SAPT 1,578, TX Group 13,471 LT-loan, TOP 10,650, LABIX 1,978, TX group 53, SAPT 8 2) ST-loan TX Group 13,652 , SAPT 1,456 LT-loan SAPT 9, LABIX 2,215 MB Cash 28,072 Effect of FX and others4) (577) Increase / (Decrease) (393) Beginning 2025 Ending 9M/2025 ++ ETC 43,913ETC 24,612 1) Key Items 9M/24 / 9M/25 AR and inventory 7,264 MB / 4,499 MB AP (3,098) MB / 11,308 MB Oil Fuel fund (22) MB / 135 MB Cash+ST investment 39,738 Cash+ST investment 33,161 4) Effect of FX changes was mainly from the FX gain/loss of FCD and other adjustments 6 Consolidated Cash Flow
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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 409,010 Consolidated Long-Term Debt as at 30 Sep 25 Net Debt 83,304 million THB (US$ 2,566 million equivalence) 116,465 million THB (US$ 3,592 million equivalence) Total Long-Term Debt As at 30 Sep 25 (32.46 THB/US$)(1) Currency Breakdown Interest Rate Breakdown BBB- Negative Outlook Baa3 Negative Outlook A+(Tha) Negative Outlook Image result for fitch ratings Avg. Debt Life (yrs) 12.81 yrs Cost of Debt 4.00% 30 Sep 25 394,476 31 Dec 24 Net Debt / EBITDA (1) Including current portion of Long-Term Debt (2) Based on actual performance in the past 12 month 7 6.0 % 8.8 %ROE ROIC (2) 0.8 0.6 31-Dec-24 30-Sep-25 6.1 5.8 31-Dec-24 30-Sep-25 296,788 294,078 72,484 67,237 39,738 33,161 166,185 174,716 152,073 116,465 90,752 103,295 Final Rating (3) Net debt including lease liability / LTM EBITDA including stock gain/(loss) and NRV (4) Net debt including lease liability / Total equity (3) (4) THB, 36% USD, 64%(5) Float rate, 17% Fixed rate, 83% 6.1 % 3.8 % (2) TOP Group Financial Position & Financial Ratios (5) ~50% CCS/FWD on USD bonds
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THANK YOU at email: ir@thaioilgroup.com Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976 Any queries, please contact: 8