Slides
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Analyst Meeting Q4 & FY/25 18 February 2026
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Disclaimer 2 This presentation is highly confidential and contains proprietary information belonging to Thai Oil Public Company Limited and third parties, some of which is sensitive to the share prices of relevant companies and has not been publicly disclosed. This document is produced solely for the purpose of this meeting and at this time. Some statements are forward -looking with relevant assumptions, which are subject to uncertainties, and which may cause the actual result/performance to materially deviate from any future result/performance expressed or implied by such forward -looking statements. Please note that the Company and its management/staff are not capable of to controlling or guaranteeing that these forward -looking statements will be accurate or materialized, as they are subject to various risks and uncertainties. Furthermore, this presentation or any information contained herein may not be copied (including photographed or screenshot), reproduced, distributed, disclosed and/or used for any purposes without prior written consent of the Company.
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2 3 1 KEY HIGHLIGHTS PERFORMANCE ANALYSIS OUTLOOK FINAL REMARK 3 Presentation Agenda Q4 & FY/25 4 CFP UPDATE 5
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Growing High Margin with Less Carbon Leveraging Strength to Create Competitiveness Sustainable Aviation Fuel Hydrogen, Carbon Capture & Storage D+S Specialty Polymers Specialty Chemicals Low Carbon & New Energy Catalyzing Regional Distribution Platform Margin Leadership Quick-Win High Value Products Decarbonization through Energy Efficiency Safety & Reliability CFP Completion & Operation Product Portfolio Expansion towards Specialty Chemicals Regional Platform Coverage S1 S2 P 4 TOP’s Strategic Direction “Empowering Human Life through Sustainable Energy and Chemicals” “2S1P” Strategy ESG & Recognitions ESG & Recognitions Key Achievement Highlights TOP’s Strategy ESG & Recognitions Outlook Performance Final Remark Key Highlights Key Performance Highlight CFP Update Phase I (2025-2030) “ Empowering Strength ” Phase II (2031-2035) “ Powering Growth ” Expand regional platform & product portfolio to specialty chemicals Execute asset rationalization CFP completion as planned Margin Leadership Quick - Win High Value Products Decarbonization through Energy Efficiency Safety & Reliability Diversify portfolio to high margin & less carbon business Readiness through commercial collaboration, R&D Maintain Vision
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5 MTA CFP Dleraging (BBB+perp Asset Mone Maintain IG grade To enhance reliability, production efficiency and equipment integrity management, driving maximized refinery utilization in Q4’25 & high reliable run going forwards Successfully Completed Planned MTA Successfully Executed Deleveraging Actions ~1,483 MUSD Solid Progress on CFP Project • Successfully enforced security under EPC contract ~440 MUSD • EGM No.1/2025 held on 21 Feb 2025, approved, among other things, additional investment cost for CFP of approx. 1,776 MUSD • Completed awarding all key contractors in 2025 Parental Support • EGM No.2/2025 held on 9 Dec 2025, approved 99.99% • Received net cash proceeds of ~18,230 MB from compensation of long-term leasehold right • The proceeds were used for deleveraging (bought back USD bond 550 MUSD in Q1’26) to enhance financial leverage Successful Asset Monetization • Bought back USD bond ~ 633 MUSD in Q3’25 • Completed long-term loan prepayment ~300 MUSD in Q3’25 • Bought back USD bonds ~550 MUSD (booked gain in Q1’26) • TOP as a highly strategic subsidiary of PTT, supported by PTT’s Group Asset Optimization • Extra extension of trade credit from 45,000 MB to 65,000 MB with extension of trade credit to 120 days Maintained Investment Grade Credit Rating BBB- Negative Outlook Baa3 Negative Outlook A+(Tha) Negative Outlook Image result for fitch ratings 1 2 3 4 6 7 Key Achievement Highlights 2025 ESG & Recognitions ESG & Recognitions Key Achievement Highlights TOP’s Strategy ESG & Recognitions Outlook Performance Final Remark Key Highlights Key Performance Highlight CFP Update Liquidity Readiness for CFP • Successfully issued perpetual bonds ~ 600 MUSD with 6.10% p.a. coupon, NC for 5.25 years with competitive cost of fund 3.875% (after swap to THB) 5
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Sustainability Target ESG Benchmarking CSR Governance Awards 2030 : Leading in DJ BIC Rating 2035: Leading in 3 Global ESG Ratings The Highest Score in oil & gas refining and marketing industry for 8 years Sustainability Excellence Award from the SET Awards for 13th consecutive years Highest Rating “AAA” in SET ESG Ratingsas a sustainable stock listed in SETESG index for 11th consecutive years % progressVarity of crude ว่า CFP น าเข้า crude จากไหน ปย คืออะไร Sustainability Disclosure Award by Thaipat Institutions for 7th consecutive years Health Dental Health Program among 1,050 students from 8 schoolsin Laem Chabang area, providing dental health education to support youth well-being in surrounding areas Youth Development Project Sport Community Learning Camps & ActivitiesEducation • Futsal • Volleyball • Table Tennis • Science & Culture Youth Camp • Rhino Go Inter Dive into the Sea English Camp • Thaioil 2025 Scholarship Presentation 2025 Asian Excellence Awards • Asia’s Best CEO • Asia’s Best CFO • Best Investor Relations Professional • Best Investor Relations Company • Sustainable Asia SET Awards 2025 Outstanding Investor Relations Awards Excellent CGR Rating, represented by 5 distinctive symbols, the highest level, for the 17th consecutive year 6 ESG & Recognitions in 2025 ESG & Recognitions Key Achievement Highlights TOP’s Strategy ESG & Recognitions Outlook Performance Final Remark Key Highlights Key Performance Highlight CFP Update Target to Net Zero 15% GHG reduction from base year 2029 2050 20602035 *Accelerate Net Zero with Conditions Net Zero *Conditions = Technological maturity, Economic viability, and Business competitiveness
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9.4 $/bbl QoQ 5.9 $/bbl • Higher gasoline spread supported by tight supply from lower Chinese’s export and higher demand in Asia • Increasing middle distillate cracks driven by geopolitical tensions and higher demand during winter season • Lower HSFO spread due to higher supply from OPEC+ increasing production and lower heating oil demand in the Middle East after end of summer season Stronger Aromatics and LAB contribution supported by run rate optimization amid pressured PX and BZ margins • Slightly lower PX margins driven by softer PX demand from sluggish textile production in China • Softer BZ margins due to limited BZ demand amid low downstream margins, along with high BZ inventories in China • Slightly Higher LAB contribution supported by low utilization rate of new supply in China Refinery Aromatic & LAB Lube 1.0 $/bbl QoQ 0.5 $/bbl 1.5 $/bbl QoQ 0.4 $/bbl • Lower crude oil price due to market oversupply after OPEC+ unwind production cuts and weaker demand from economic slowdown, mainly from U.S. and China • Higher crude premium due to higher ME crude demand from India and China amid concerns over U.S. tariffs and Russian crude sanction ESG & Recognitions Market GRM Stock G/(L) GIM 3.5 9.4 5.3 5.5 5.8 5.6 3.8 4.1 0.5 1.0 1.2 0.8 1.1 1.5 0.6 1.1 Q3/25 Q4/25 . FY/24 FY/25 Refinery Aromatic & LAB Lube Dubai Price Murban OSP Crude Price Mkt Acc 2.3 2.8 1.4 2.2 70.1 63.8 79.6 69.4 Q3/25 Q4/25 FY/24 FY/25 2.2 (3.7) (1.5) (1.4) Q3/25 Q4/25 . FY/24 FY/25 5.2 11.8 7.1 7.5 7.4 8.1 5.6 6.1 Stronger Lube contribution supported by run rate optimization amid pressured Base Oil margins • Lower Base Oil margins due to higher supply following the restart of G.1 plants from maintenance • Higher Bitumen spread driven by lower HSFO price following higher crude supply after OPEC+ unwind production while bitumen demand in China and Indonesia remain sluggish 7 ESG & Recognitions ESG & Recognitions Key Achievement Highlights TOP’s Strategy ESG & Recognitions Outlook Performance Final Remark Key Highlights Key Performance Highlight CFP Update Contribution ($/bbl) Q4 & FY25 Key Performance Highlights Stronger GIM Driven by Higher U-Rate after MTA Completion and Improved GRM from Widen Product Spreads
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2 3 1 KEY HIGHLIGHTS PERFORMANCE ANALYSIS OUTLOOK FINAL REMARK 8 Presentation Agenda Q4 & FY/25 4 CFP UPDATE 5
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9 2,458 TOP Group Net Profit Q3/25: 2,147 Unit : Million Baht (MB) 6,968 Net Operating Profit Q3/25 : (1,064) 535 TOP Group Net Profit vs previous quarter: 4,019 535 TOP Group Net Profit vs previous quarter: 4,019 Q3/25 FY/24 FY/25Q4/25 (3,053) Stock G/(L) & Write down on crude & product inventory Q3/25 : 1,584 (1,785) Other Items Q3/25 : 274 TOP Group Net Profit and Contribution* Q4/25 311 QoQ 8,032 QoQ (4,637) QoQ (2,059) QoQ FY/25FY/24 14,584 MB9,959 MB2,147 MB 2,458 MB 14,584 TOP Group Net Profit FY/24: 9,959 11,470 Net Operating Profit FY/24 : 16,808 (4,970) Stock G/(L) & Write down on crude & product inventory FY/24 : (5,993) (3,329) FY/24 : (1,990) FY/25 4,625 YoY (5,338) YoY 1,023 YoY (1,339) YoY Other Items (1,064) 6,968 16,808 11,470 1,372 1,134 4,042 (19) 328 7,371 1,584 (3,053) (5,993) (4,970) 274 (1,785) (1,990) (3,329) 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 (1) • Financial Instruments gain/(loss), and unrealized on financial instruments gain/(loss), and others : Q3/25 (92), Q4/25 (996) MB, FY/24 361 MB, FY/25 (1,458) MB • Foreign exchange gain / (loss) on foreign currency assets and liabilities : Q3/25 864 MB, Q4/25 (330) MB, FY/24 (68) MB, FY/25 260 MB • Reversal of income tax (expense) : Q3/25 (498) MB, Q4/25 (459) MB, FY/24 (2,283) MB, FY/25 (2,131) MB Remark : (1) Other Items Details *Contribution excluding Stock g/(l) & one-time items One-time gain from extraordinary item Gain / (loss) on repurchase of debentures 45% 36% 18% Q3/25 Petroleum & Lube Aromatics & LAB & Olefin Power Others (including solvent, ethanol, and other supporting businesses) 91% 6% 3% Q4/25 74% 12% 4% 77% 17% 6% Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance Financial Performance Higher Net Operating Profit from Refinery Business
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43% 3%2%1% 25% 13% 13% 97% 98% 96% 91% 93% 86% 90% 93% 95% 94% 113% 113% 113% 82%* 114% 100% 107% 112% 111% 106% 0% 50% 100% 150% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 2021 2022 2023 2024 2025 Industry utilization rate TOP utilization rate Export Q3/25 Q4/25 FY/24 FY/25 TOP Ind. TOP Ind. TOP Ind. TOP Ind. CLMV 4% 5% 5% 5% 11% 10% 8% 5% Others 7% 12% 8% 9% 3% 10% 5% 7% TOP’s Domestic Sales vs Industry TOP/ Domestic Refinery Utilization Rate Unit: % Utilization Rate Domestic Oil Demand (1) excluding fuel oil & LPG demand KBD (1) Domestic Export TOP Industry Thailand Q3/25 TOP Industry Thailand Q4/25 TOP Industry Thailand FY/25 Other Domestic Customers Export (2) Q3/23 Sales Breakdown 0 200 400 600 800 Mogas Jet/Kero Diesel Total Demand 12M'24 12M'25 +1.1% +7.5% -2.5% -0.1% FY/24 TOP Industry Thailand 44% 3%2%1% 25% 13% 12% Sales Breakdown by External Customers Other Domestic Customers Export FY/25 Sales Breakdown (2) (2) Excluding export sale through PTT Source: Department of Energy Business, Ministry of Energy Q4’25 VS Q3’25 Mogas Jet/Kero Gasoil Total +0.9% +19.7% +6.7% +6.7% Refinery : High & Reliable Utilization High Domestic Sales from Healthy Domestic Oil Demand * Due to planned MTA of CDU-3 and related units in Jul–Aug 25 89% 83% 87% 86% 86% 80% 87% 88% 11% 17% 13% 14% 14% 20% 13% 12% 10 Other Domestic Customers Export Q4/25 Sales Breakdown (2) Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance
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Q1TD 2026 Refinery : Higher Contribution Stronger Mkt GRM Driven by Higher Middle Distillate and Gasoline Cracks 11 Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Gross Refinery Margins (GRM) ($/bbl) Acc. GRM Key Petroleum Product Spreads ($/bbl) Crude Price and Premium ($/bbl) Crude Intake (%) Refinery Utilization (%) 82% 114% 111% 106% Q3/25 Q4/25 FY/24 FY/25 Middle East Crude Intake Murban Crude Intake Q4’25 Market GRM (QoQ) Performance + Q4’25: Higher refinery run rate at 114% following the resumption of full-capacity operations. − FY’25: Slightly decrease refinery run rate to 106% due to planned MTA of CDU-3 and related units in Q3’25. 9.0 3.8 3.7 5.1 3.5 5.2 3.5 9.4 5.3 5.5 0.1 1.4 (5.4) (2.1) 1.1 (4.4) 2.2 (3.7) (1.5) (1.4) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 Market GRM Stock G/(L) + Increasing middle distillate cracks driven by geopolitical tensions and higher demand during winter season. + Higher Gasoline spread supported by tight supply from lower Chinese’s export and higher demand in Asia. − Lower crude oil price due to market oversupply after OPEC+ unwind production cuts and weaker demand from economic slowdown, mainly from U.S. and China. − Lower HSFO spread due to higher supply from OPEC+ increasing production and lower heating oil demand in the Middle East after end of summer season. − Higher crude premium due to higher ME crude demand from India and China amid concerns over U.S. tariffs and Russian crude sanction. 6.4 2.5 22.2 2.1 4.6 0.8 5.8 5.6 3.8 4.1 2025 94% 90% 92% 91% 47% 43% 47% 46% Q3/25 Q4/25 FY/24 FY/25 2025 Market GRM (YoY) + Stronger Mkt GRM from higher petroleum product spread mainly driven by stronger middle distillate cracks due to reduced Russian supply and exports as a result of refinery damages and U.S. sanctions. GO - DB JET - DB ULG95 - DB VLSFO - DB HSFO - DB 24.6 24.5 15.7 (1.0) (7.0) Q4’25 -10 -5 0 5 10 15 20 25 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 FY’25 17.0 18.3 11.3 1.4 (3.2) Q3’25 21.3 20.4 11.0 (0.03) 16.1 18.7 10.3 0.6 (5.5)(4.3) MB-DB Dubai 63.8 2.8 Q4’2585.25 78.31 73.60 76.94 66.91 70.09 63.79 61.97 1.64 1.33 1.62 1.83 2.01 2.31 2.79 1.80 - 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1TD 2025 2026 2.2 69.4 FY’25 2024 Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance
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12 Gross Integrated Margins (GIM) & Product-To-Feed Margin (P2F) Aromatic’s Sales (excluding by product) (Kton) PX-ULG95 153 (10) Q4’25 Aromatic Spreads ($/ton) LAB Utilization (%) TPX Utilization (%) Performance FY’25 148 62 + Q4’25: Increase in TPX utilization rate to 76% and LAB utilization rate to 126%, following the resumption of MTA in Q3’25. − FY’25: Decrease TPX utilization rate to 67% and LAB utilization rate to 110% due to planned MTA of CDU-3 and related units in Q3’25. − Softer PX margin driven by softer PX demand from sluggish textile production in China. − Decreasing BZ margin due to limited BZ demand amid low downstream margins, along with high BZ inventories in China. + Stable LAB contribution by new supply still operating below full capacity, despite increasing supply in China. GIM ($/bbl) P2F ($/ton) P2F ($/bbl) Aromatics & LAB : Higher Contribution Stronger Contribution Supported by Run Rate Optimization amid Pressured PX and BZ Margins 2025 Market GIM (YoY) − Lower BZ spreads due to constrained benzene demand, as styrene monomer margins remained weak and bz inventories in China stayed elevated. − Lower PX spreads due to weaker demand for textile fiber production and sluggish retail textile sales in China. + Higher LAB contribution from increase in LAB gross margin Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 39% 76% 80% 67% Q3/25 Q4/25 FY/24 FY/25 67% 126% 124% 110% Q3/25 Q4/25 FY/24 FY/25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 67 9.7 79 11.5 65 9.5 54 7.6 67 9.6 BZ-ULG95 1.1 1.2 1.0 0.9 0.8 0.51.5 1.2 56 40 20 7.3 5.2 2.6 203 182 117 141 142 156 153 279 214 227 175 155 60 42 -10 95 -50 0 50 100 150 200 250 300 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1TD 2024 2025 2026 PX BZ TL 90 101 95 100 91 86 49 96 27 28 25 27 28 21 16 27 18 18 26 22 20 14 6 16 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 386 322 107 92 84 56 FY FY 2024 2025 1.0 0.9 51 45 6.7 5.8 Q4’25 Market GIM (QoQ) Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance
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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 13 Gross Integrated Margins (GIM) & Product-To-Feed Margin (P2F) TLB’s Sales (excluding by product) (Kton) Bitumen-HSFO 500SN-HSFO 596 22 Q4’25 Base Oil & Bitumen ($/ton) TLB Utilization (%) Q4/25 Market GIM (QoQ) Performance GIM ($/bbl) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 13.3 10.9 P2F ($/ton) P2F ($/bbl) 0.4 0.4 Base Oil Specialty Bitumen + Q4’25: Higher utilization rate to 90%, following the resumption of MTA in Q3’25. − FY’25: Lower utilization rate to 76%. + Higher Bitumen spread supported by lower fuel oil prices. − Decreasing Base Oil margin driven by increased supply following the resumption of normal operations at Group I base oil refineries after scheduled maintenance. 527 502 546 568 543 607 647 596 540 -41 -101 -22 -3 -49 -29 14 22 -7 -200 0 200 400 600 800 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1TD 2024 2025 2026 2025 2025 54% 90% 80% 76% Q3/25 Q4/25 FY/24 FY/25 598 FY’25 (10) Base Oil : Higher Contribution Higher Production Rates and Sales Volumes Following the Completion of MTA 0.6 90 72 88 139 125 131 171 13.4 21.5 18.9 19.8 25.9 97 14.8 0.5 1.1 1.0 1.0 1.1 47 55 58 56 55 50 36 6130 34 35 36 35 31 21 38 92 114 114 115 118 113 69 132 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 215 202 135 125 436 433 FY FY 2024 2025 2025 Market GIM (YoY) 162 24.6 145 22.0 1.5 1.1 + Higher Base Oil margin supported by a decline in fuel oil prices. + Higher Bitumen spread supported by lower fuel oil prices. Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance
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Integrated Margin & Competitive Cash Cost (Unit: US$/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 14 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 FY/24 FY/25 9.0 3.8 3.7 5.1 3.5 5.2 3.5 9.4 5.3 5.5 9.1 5.1 (1.7) 3.0 4.6 0.8 5.8 5.6 3.8 4.1 1.3 1.4 1.5 2.1 1.1 1.7 2.7 2.5 1.5 2.20.7 0.5 0.6 0.6 0.5 0.5 0.7 0.5 0.6 0.62.0 1.9 2.1 2.7 1.6 2.2 3.5 3.0 2.1 2.8 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 FY/24 FY/25 9.0 9.1 3.8 5.1 3.7 (1.7) 5.1 3.0 3.5 4.6 5.2 0.8 3.5 5.8 9.3 5.6 5.3 3.8 5.5 4.1 1.1 1.1 1.5 1.5 1.2 1.2 1.0 1.0 0.9 0.9 0.8 0.8 0.5 0.5 1.0 1.0 1.2 1.2 0.9 0.9 0.4 0.4 0.4 0.4 0.5 0.5 1.1 1.1 1.0 1.0 1.0 1.0 1.1 1.1 1.5 1.5 0.6 0.6 1.1 1.1 10.5 10.6 5.7 7.1 5.4 0.0 7.1 5.0 5.4 6.5 7.0 2.6 5.2 7.4 11.8 8.2 7.1 5.6 7.5 6.1 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 FY/24 FY/25 1.7 1.6 1.9 2.5 1.5 2.1 3.4 2.9 1.9 2.70.7 0.5 0.6 0.6 0.5 0.6 0.8 0.6 0.7 0.6 2.4 2.1 2.5 3.1 2.0 2.7 4.2 3.5 2.6 3.3 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 FY/24 FY/25 Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance
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15 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 Q4/25 Performance Highlight (QoQ) + Higher contribution from TOP SPP due to sales volumes returning to normal levels. Consolidated to TOP 1,900404463559474 822 782 668 736 762 838 540 737 3,008 2,878 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 Electricity Sales (GWh) Steam Sales (kton) 553 566 516 544 532 570 468 556 2,178 2,125 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 474 435 336 404 410 482 225 434 1,649 1,551 124 127 127 141 251 268 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 410 609 889 878 860 849 831 891 717 880 3,475 3,318 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 Power : Higher Contribution Sales Volumes Returning to Normal Level Following the Completion of CDU-3 MTA 366 2025 Performance Highlight (YoY) - Slightly lower contribution from TOP SPP lower sales revenue driven by decreases in both selling prices and sales volume. + Higher dividend income from GPSC in 2025 (268 MB) 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) 434 1,819 Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance
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Polymer Spreads Net Profit (million USD) Q4/25 Performance Highlight (QoQ) TOP Investment Indonesia (TII)* Performance Monomer Spreads Olefin Product Spreads − Softer contribution due to lower product spreads, driven by increased supply from new capacity in China, while demand showed no significant improvement even during the typical year-end peak festive season. 16 *TII shareholding in CAP 15% since Sep’21 Overall 326 328 315 328 326 353 298 260 324 309 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 PP CFR SEA - NaphJ ($/TON) 354 364 323 316 320 363 332 308 339 331 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 HDPE CFR SEA - NaphJ ($/TON) 435 509 480 378 387 372 362 280 420 350 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 SM- NaphJ ($/TON) 523 746 830 626 692 494 442 282 681 477 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 BD- NaphJ ($/TON) (5.5) (2.6) (2.1) (0.4) (5.3) 194.5 (0.1) (7.4) (10.6) 181.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 Olefins : Softening Contribution Softer Contribution from CAP Due to Higher Olefin Supply 2025 Performance Highlight (YoY) + Higher contribution due to the CAP’s extraordinary gain from acquisition and integration of Shell Group’s crude oil refinery in Singapore. Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance
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Utilization Rate(2) Net Profit (million THB) Solvent Business EBITDA (million THB) Ethanol Business 1 7 Net Profit (million THB)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. 17 93% 90% 97% 87% 89% 101% 87% 80% 92% 89% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 285 255 212 167 227 158 254 131 919 771 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 236 104 (3) 49 84 (4) 121 11 385 211 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 103% 81% 77% 97% 66% 66% 58% 45% 90% 59% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 2025 2024 2025 1 (5) (17) (53) (17) 7 (30) (32) (74) (71) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY (54) 54 29 11 (64) 6 48 (15) (15) 31 24 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY 2024 20242025 2025 Solvent : Softer Contribution Due to Lower Average Selling Prices Ethanol : Slightly Softer Contribution Q4’25 Performance Highlight (QoQ) - Lower contribution due to a decrease in average selling prices and an increase in selling and administrative expenses. - Slightly Lower contribution due to lower inventory reversal resulted in a higher net loss. 2025 Performance Highlight (YoY) - Lower contribution due to a decrease in average selling prices and increase in FX and derivatives losses. Q4’25 Performance Highlight (QoQ) 2025 Performance Highlight (YoY) + Slightly Higher contribution but contribution remained contracted from over supply situation. Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance
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Consolidated Financial Performance 18 QoQ Analysis YoY Analysis A. TOP: Higher sales volume after operations resumed following maintenance. B. Higher GIM mainly from improved petroleum product spreads C. FX loss due to appreciation of Baht D. Lower EBITDA mainly from MTA in 2025 despite higher GIM E. Higher gain from bond buy back (BBB: FY’23 633 M$, FY’24 120 M$) F. NGW from CAP (1) FX G/(L) mainly from AR/AP, FCD, Bond, , and loan including realized loss from bond buy back (2) Excluding interest expenses which were capitalized in PPE (MB) Q4/25 Q3/25 QoQ+/(-) Q4/24 YoY+/(-) 2025 2024 YoY+/(-) Sales Revenue 108,931 80,049 28,882 A) 111,962 (3,031) 394,336 455,857 (61,521) Net Realized G/(L) on commodity hedging (1,062) 466 (1,528) 224 (1,286) (537) 626 (1,163) EBITDA 5,981 3,897 2,084 B) 6,472 (491) 17,619 22,026 (4,407)D) EBITDA excl. Stk G/(L)&NRV 9,034 2,313 6,721 6,377 2,657 22,589 28,019 (5,430) Net G/(L) of Financial Instrument 66 (558) 624 6 60 (921) (265) (656) FX G/(L)(1) (307) 321 (628)C) (487) 180 (290) 52 (342) Gain from Bond buy back - 1,372 (1,372) - - 4,042 1,134 2,908E) Negative Goodwill 328 (19) 347 - 328 7,371 - 7,371F) Financial cost(2) (708) (835) 127 (986) 278 (3,494) (4,052) 558 Tax Income (Expenses) (459) (498) 39 (723) 264 (2,131) (2,283) 152 Net Profit (Loss) 2,458 2,147 311 2,767 (309) 14,584 9,959 4,625 EPS (THB/Share) 1.10 0.96 0.14 1.24 (0.14) 6.53 4.46 2.07 Stock G/(L) and NRV (3,053) 1,584 (4,637) 95 (3,148) (4,970) (5,993) 1,023 THB/US$ - average selling 32.34 32.45 (0.11) 34.16 (1.82) 33.05 35.43 (2.38) THB/US$ - ending selling 31.74 32.46 (0.72) 34.15 (2.41) 31.74 34.15 (2.41) Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance
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Loans proceeding 23,113 Loans repayment (33,836) Bond issue / (Paid) Proceeds from TOP Infra (18,131) 18,409 Interest (6,675) Dividend& Others (5,976) Dividend income 775 ST investment 4,503 CAPEX (PP&E) & others 3,654 Net income 16,769 Depreciation & NRV 8,229 Other adj. (10,081) Change in working capital 33,892 19 Operating Investing Financing 48,809 8,932 (23,095) 1) 2) Unit : Million Baht 48,809 8,932 29,042 Cash as at 31 Dec 2024 Operating Investing Financing Effect of FX Changes 57,741 Free Cash Flow +33,526 Cash as at 31 Dec 2025 62,568 1) AR and inventory 12,201 MB AP 24,794 MB 3) ST-loan TX Group 18,756, SAPT 2,126 LT-loan, TOP 10,900, LABIX 1,978, TX group 76 2) ST-loan TX Group 18,994, SAPT 1,895 LT-loan SAPT 2,215, TX group 9 3) (23,095) 4) Effect of FX changes was mainly from the FX gain/loss of FCD and other adjustments 4) Consolidated Cash Flow (1,120) Cash & ST investment as at 31 Dec 2024 39,738 Cash & ST investment as at 30 Dec 2025 68,601 Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance
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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 31 Dec 25 Net Debt 44,556 million THB (US$ 1,404 million equivalence) 113,157 million THB (US$ 3,576 million equivalence) Total Long-Term Debt As at 31 Dec 25 (31.74 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) 12.72 yrs Cost of Debt 4.00% 31 Dec 25 427,284 31 Dec 24 Net Debt / EBITDA (1) Including current portion of Long-Term Debt (2) Based on actual performance in the past 12 month 20 6.0 % 8.2 %ROE ROIC (2) 0.8 0.3 31-Dec-24 31-Dec-25 6.1 3.7 31-Dec-24 31-Dec-25 296,788 296,985 72,484 61,698 39,738 68,601 166,185 193,032 152,073 113,157 90,752 121,095 (5) Including CCS/FWD 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, 18% Fixed rate, 82% TOP Group Financial Position & Financial Ratios 7.0 % 6.4 % (2) Outlook Final Remark Key Highlights CFP Update Aromatic & LAB Refinery Base Oil GIM Power Olefins All business Overall Solvent & Ethanol F/S & others Performance
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2 3 1 KEY HIGHLIGHTS PERFORMANCE ANALYSIS OUTLOOK FINAL REMARK 21 Presentation Agenda Q4 & FY/25 4 CFP UPDATE 5
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Soften Crude Oil Price as Supply Growth Outpacing Demand Growth IEA EIA OPEC 3 Steady Global GDP Growth amid US and EU Disinflation turns FED is likely to continue cut rates gradually by mid-2025 following downward trend of US Inflation Firm oil demand following FED rate cuts avg 2025 +61.4 MBD avg 2024 +59.9 MBD MBD MBDNon-OPEC Production excl Russia (3) Non-OPEC Growth (3) Global Oil Demand Growth (3)MBD 2025 : 20.5 (+0.21 MBD YoY) Key Regions Oil Demand, MBD (3) 2024 : 20.3 (+0.01 MBD YoY) 2025 : 16.8 (+0.26 MBD YoY)2024 : 16.5 (+0.09 MBD YoY) 2025 : 5.8 (+0.28 MBD YoY)2024 : 5.6 (+0.28 MBD YoY) 2025 : 14.2 (-0.02 MBD YoY)2024 : 14.2 (-0.01 MBD YoY) Improve oil demand driven by government stimulus packages Steady oil demand driven by government stimulus packages Improve oil demand driven by government stimulus packages • Slightly softer oil demand in 2025, with the EU leading the way towards renewable energy and clean technologies 25% tariff to most goods (Effective Mar’25) 2 3OPEC+ to Consider Another Unwind Production Cut after Mar’261 ____________________ (1) Source: FGE (Feb’26) (2) Source: EIA (Feb’26) (3) Source: IMF (Jan’26) OPEC+ Production and Forecast (1) 32 34 36 38 40 42 44 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Actual OPEC+ production Forecast OPEC+ Production OPEC+ Production and Forecast (1) Quota OPEC+ unwind 2.2 MBD production and UAE increased its baseline production 0.3 MBD (May-Sep’25) unwind 1.65 MBD production (Oct-Dec’25) OPEC+ pause their unwind production plan * Production declined in Dec ’25 mainly due to US sanctions on Iran and US blockade on Venezuela Decent Non-OPEC+ Supply Growth in 2026, Mainly from Brazil & US -1.0 0.0 1.0 2.0 3.0 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Oct-26 Non-OPEC+ YoY Production Growth by Main Country (2) • Non-OPEC oil production growth mainly driven by Brazil due to new project start -ups, especially new offshore projects Others (+0.2 MBD) Brazil (+0.4 MBD) Guyana (+0.1 MBD) Canada (+0.1 MBD) US (+0.3 MBD) Y 2026 (+1.1 MBD YoY) Y 2025 (+1.8 MBD YoY) MBD Moderate Global GDP & Oil Demand 2026 vs 2025 Global Oil Supply Growth Outpacing Demand through 2026 (Surplus of 2.8 MBD)4 -1 0 1 2 3 4 5 6 7 92 96 100 104 108 Q1/22 Q3/22 Q1/23 Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 Q1/26 Q3/26 MBD EIA Global Oil Demand and Production Forecast (2) Global Oil Demand Global Oil Production Stock Build Stock Draw Y 2026 (+2.8 MBD) Global GDP growth (as of Jan’26) (3) 3.3 2.8 5.0 3.3 2.1 5.0 3.3 2.4 4.5 World US China 2024 2025 2026 Previous Forecast (Oct’25) 3.2 2.0 4.8 4.2 3.1 2.1 Y 2025 (+2.6 MBD) Global oil demand growth Moderate GDP growth with fiscal and monetary support, and private sector adaptability offsetting negative impact from trade tariff Higher GDP growth supported by fiscal stimulus, easing monetary policy, and strong investment in technology business Moderate GDP growth pressured by structural headwinds, including weak property sector and soft domestic demand 2026: +1.1 MBD 2025: +1.0 MBD Y 2025 (+1.0 MBD YoY) มี forecast ของ FGE ถึงปี 26 ค่ะ เคยใส่เลขไปยาวๆ แต่พี่ปุ ๊ กให้ตัดออก เพราะไม่อยากให้ ใส่วิวว่า OPEC+ จะ unwind หรือ pause เลยให้ใส่เท่าที่เค้าประกาศไปดีกว่าค่ะ >>> พี่โน้ตอยากให้ใส่กลับมามั้ยคะ (Latest FGE forecast มองว่าจะมี supply growth จาก OPEC+ = 0.2 MBD และยังเป็นเส้นที่ต ่ากว่าโควตาค่ะ) Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook 22
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0 1 2 3 4 5 6 2022 2023 2024 2025 2026 India crude imports by country (2) MBD Russia Iraq Saudi Arabia USA Nigeria Kuwait UAE Other 0 0.5 1 1.5 2 2018 2019 2020 2021 2022 2023 2024 2025 China US Caribbean India Other Geopolitical Tensions and Trade Tariff to Keep Oil Price in High Volatility (1) On- Goin g Tensi on in the Midd le East ____________________ (1) Source: Bloomberg (Feb’26) (2) Source: EA (Feb’26) 6 Reviving Venezuela Oil Export amid the Challenge to Unlock Production 2025 Production = 0.96 MBD Venezuela crude production and exports (1) MBD 2025 Export: 0.6 MBD China 64% US 21% Caribbean 4% India 4% Other 8% Escalating Iran Conflicts with Multiple Market Implication5 Minimal impact on crude prices due to • Slightly higher crude export from Venezuela but limited by deteriorated infrastructure 0.0 1.0 2.0 3.0 4.0 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 China UAE Syria Korea Other Iran crude production and exports (1) MBD Maximum pressure US withdrawal from the JCPOA, full sanctions were reinstated (2018-2020) Iran gradually rebuilt output by leveraging a "shadow fleet" and deep ties with China (2021-2024) Lifted sanctions JCPOA recovery (2015-2017) Avg. 2017 crude export = 2.1 MBD China 29% Korea 7% Syria 2% Other 62% Avg. 2025 crude export = 1.7 MBD China 89% UAE 1% Other 10% Crude production 2017: 3.8 MBD 2025: 3.3 MBD Pressure to heavy crude price if more Venezuelan crude export in the future Long-term impact US sanctions PDVSA (2019) Heighten US sanctions on more entitles (2021) US sanctions relief (2023) Short-term impact Iran situation map and US bases (2) 5.1 (As-is) Prolonged tension causing risk premium in ME crude supply • Buyers shift from Iranian crude to other ME crude to avoid US sanction 5.2 A disruption of crude supply via the Strait of Hormuz would affect around 20 MBD (≈20% of global oil), but market believe a closure of the Strait of Hormuz is unlikely and would be short- lived Rerouting of Oil Flow after US-India Deal7 Trump slashes tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and will instead buy more oil from US and potentially Venezuela Market implication Lower crude imported from Russia 1.2 MBD in Jan’26 vs 1.7 MBD in 2025 Potentially boost imports from US & Venezuela depending on economics India has been redrawing crude import strategies to shift away from Russia India has secured 2 MB of Venezuelan crude for delivery in late Apr’26 Market implication EA mentioned that 30-50 MB will be reshuffled and be reached over time. Also, not all of this will go to US, with some loadings now taking place for Europe and China as well ka 5.3 Constructive outcome & relieved sanction • Iranian export flows would be rerouted, allowing Iranian oil to reach others. Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook 23
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On- Goin g Tensi on in the Midd le East ____________________ (1) Source: EA (Feb’26) (2) Source: Bloomberg (Feb’26) Stable Crude Premium due to Stronger ME Demand and Limited Exports Offsetting by Global Surplus Supply9 IFAD Murban – DB Futures, $/BBL 0 2 4 6 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 10 Jan : US imposed sanction on two major oil companies (0.8 MBD of Russian export) 13 Jun : Start of Israel- Iran conflict 14 Jul : Trump threatened to impose secondary tariffs on Russia’s trading partner 22 Oct : US imposed latest sanction against two largest oil firms Uncertainty of Russia-Ukraine Peace Talks amid Ongoing Sanctions8 Russian oil at sea (1) MB 100 120 140 160 180 200 220 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 10 Jan’25: Sanctions on Gazprom Neft and Surgutneftegaz Drone attacks free up more oil for export 22 Oct’25: Sanctions on Rosneft and Lukoil +Threat of tariffs on buyers of Russian oil • Over 200 MB of Russian crude is stranded in tankers due to US sanctions risk if releasing if constructive peace talk Ongoing trilateral talks amid deadlocks remain over territorial concessions Russian crude export (2) MBD 5 4 3 2 1 0 Jan’24 Jul’24 Jan’25 Jul’25 • India shifted from Russian crude to ME crude to avoid US sanctions driving up ME crude premium India China Turkey Singapore Other • Murban crude premium is being supported as India refiners have increased purchases of ME crude to replace Russian crude • Limited Murban export as ADNOC reallocating supply to their Ruwais Refinery during Aug’25- May’26 • Limited Upside by continued surplus supply in global crude market Crude Oil Outlook In Summary Lower crude oil price pressured by surplus supply Crude Prices Steady crude premium by strong ME demand from India and lower export availability from ADNOC, offsetting by ample global crude supply Crude Premium High volatility particularly from tensions involving Iran and Russia-Ukraine Geopolitical Tensions Geopolitical Tensions and Trade Tariff to Keep Oil Price in High Volatility (2) Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook 24
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(4) As of 31 Mar 22 Net Debt 154,804 MB excluding lease liabilities 14,321 MB Strong Refining Margin from Demand Growth Outpacing Net Capacity Addition A. Firm Refining Margin from Continued US & EU Refinery Closures and Steady Demand Growth B. Decent Middle Distillate Outlook from Strong Heating Demand, Robust Flight Activities and Less Indian Export to EU after Sanction C. Soften Gasoline Market from Additional Supply Key Highlights 2026 vs 2025 Singapore Cracking GRM, $/BBL (1) 8.3 4.6 10.4 5.9 7.3 8.0 4.2 4.4 6.3 5.7 4.1 6.9 5.1 8.4 6.1 6.8 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Q1'23 Q2'23 Q3'23 Q4'23 Y2023 Q1'24 Q2'24 Q3'24 Q4'24 Y2024 Q1'25 Q2'25 Q3'25 Q4'25 Y2025 Q1'26 Avg’23: $7.3/BBL Avg’24 : $5.7/BBL Avg’25 : $6.2/BBL (2) QTD as of 5 Feb’26(1) Singapore Cracking Margin = 32%MOGAS + 7%NAPH + 19%KERO + 16%GO0.05%S + 23%HSFO + 3%LPG – FREIGHT– DUBAI YTD’26 : $6.8/BBL (2) CPPL Font: Century Gothic Size : Headline 20, หัวข้อแต่ละ Bullet 12, หัวข้อกราฟ 11, เนี้อหา 8, Legend ในกราฟ 8, แกนกราฟ+หน่วย 9 Font: Calibri Size : Reference ด้านล่างมุมซ้าย (Size : 7), หัวข้อใช้ เป ็ นตั วเลขทั้งหมด พื้นฐานหลังด า (Size : 14) Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook 25
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-1,200 -1,000 -800 -600 -400 -200 0 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 LPG Naphtha Gasoline Jet/Kero Distillate Fuel Oil Upcoming Supply from New Refineries Key Factor to Watch : Project delay and start-up difficulty Jan’23KBDRefinery 650 300 340 Dangote (Nigeria) Olmeca (Mexico) Norinco (China) Ramp up Normal OperationConstruction Delay from Q4’23 Delay from Q2’24 Status Est. Q3’25 runs 70%-80% Delay S/U from Q2’24 to Q2’26 Jan’24 Jan’25 430Yulong (China) 350 Previously Planned S/U Q2’26 S/U Q1’27Panipat (India) 181 Previously Planned S/U Q2’25 S/U Q4’25Rajasthan (India) Refinery Closures in US & EU and Firm Gasoil Market to Support Refining Margin Jan’26 A. Firm Refining Margin from Continued US & EU Refinery Closures and Steady Demand Growth Previously Planned S/U Q4’24 Est. Q3’25 runs 70%-80% S/U Q3’26 Previously Planned S/U Q3’25 _______________________________________________________________________________________________________________ Source: FACTs Semi Annual Reports Fall (Dec’25), FACTs AWRO (Dec’25), Energy Aspect ( Jan’26) Note: Adjusted capacity based on start-up period (effective additional capacity) Cumulative Product Loss in 2025-2026 from Atlantic Basin Refinery Closures KBD Global Effective CDU Addition VS Additional Demand Refinery Closures in US & EU and Firm Middle Distillate Market to Support Refining Margin amid Rising Gasoline Supply from Nigerian and Mexico Refineries 84% 76% 80% 83% 83% 82% 84% 83% 83% 83% 83% 82% 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 Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook 26
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0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 0 25 50 75 100 125 150 Jan Mar May Jul Sep Nov 2023 2024 2025 2026 0 40 80 120 160 2018 2020 2022 2024 2026 2028 2030 B. Decent Middle Distillate Outlook from Strong Heating Demand, Robust Flight Activities and Less Indian Export to EU after Sanction * Potential postpone FCC MTA from Oct’25 to Dec’25 * __________________________________ (1) Source: EA (Jan’26) (2) Source: FGE (Jan’26) (3) Source: ACI World Airport Traffic Forecast (Feb ’25) Healthy Jet/Kero Outlook from Decent Flight Activities in 2026 and Higher Japan Heating Demand during Winter1 ‘000 Flights per day Global Jet/Kero Demand (1) % Growth (Y-o-Y) 2025: 5% 2024: 7% 2023: 22% 2,000 4,000 6,000 8,000 10,000 Jan Mar May Jul Sep Nov 2020-2024 range 2023 2024 2025 2026 2020-2024 average KBD 2025 vs 2024: +210 KBD (+2.7%) 2026 vs 2025: +190 KBD (+2.4%) Colder Winter Season in Japan Led to Higher Jet/Kero Demand and Import in 2026 2 2026 vs 2025: +6.96% China From robust domestic flights 2026 vs 2025: +2.55% EU High flight activities led by Portugal, Spain, and Italy 2026 vs 2025: +1.73% Japan Higher heating demand from colder than normal winter Air Traffic Forecast by Regions (3) Index Air traffic surpassed the COVID-19 pandemic level in 2019 led by Emerging and developing economies Pre-covid 19 level = 100 Japan Jet/Kero Import (2) 2025 vs 2024: +5.0% 2026 vs 2025: +4.8% Japan Jet/Kerosene Demand (2) Expected more kerosene import in 2026 due to colder winter season in Japan KBD KBD 2025 vs 2024: +9.66 KBD (+2.25%) 2026 vs 2025: +7.58 KBD (+1.73%) 2025 vs 2024: -4.33% 2026 vs 2025: +30.08% Expected higher Japan Jet/Kero demand in 2026 than 2025 and 5-year average due to colder winter season in Japan Moderate Gasoil Outlook from Steady Gasoil Demand Growth in 2026, US Cold Snap during Winter and Less EU Middle Distillate Import from India after Sanction (Eff.21 Jan’26) 22,000 24,000 26,000 28,000 30,000 32,000 Jan Mar May Jul Sep Nov 2020-2024 range 2023 2024 2025 2026 2020-2024 average Global Gasoil Demand (1) KBD 2025 vs 2024: +264 KBD (+0.9%) 2026 vs 2025: +48 KBD (+0.2%) • 2026 vs 2025: +2.98% • India to led the demand growth from industrialization and construction • 2026 vs 2025: -2.77% • China reached peak oil in 2024 from heavy duty truck electrification evolution • 2026 vs 2025: -0.18% • EU change of the car fleet from diesel to gasoline and weak economy 0 10 20 30 40 50 60 Jan Mar May Jul Sep Nov Thousands 2021-2025 range 2023 2024 2025 2026 2021-2025 average Low US PADD1 Gasoil Inventory (1) MBBL Unexpected US cold snap in Jan-Feb’26 led to stock draw in US PADD1 lower than 5-year average India, Turkey and China Middle Distillate Exports to EU (1) MBD EU’s Enforcement Mechanism (as of 16 Oct’25): Refineries can export petroleum products to EU if they can prove that it was processed by non-Russian crude Less EU Middle Distillate Imports from India (1) MBD Limited Impact as India likely to redirect the gasoil export to Africa and non-EU destinations *EU’s Enforcement Mechanism (as of 16 Oct’25): Refineries can export petroleum products to EU if they can prove that it was processed by non-Russian crude * Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook 27
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* __________________________________ (1) Source : S&P Global (Dec’25) (2) Source: FGE (Dec’25) Phase 1 : Jan-Dec’25 Commission 340 KBD CDU and utilities Phase 2 : Jan-May’26 Commission secondary unit ex. Naphtha reformer, DDU and VGO Phase 3 : Jun-Dec’26 Commission FCC and alkylation In 2025, Dangote experienced several unplanned outages Currently, the RFCC is resolving these technical issue Dangote are expected to stabilize, with full capacity by late 2026 Dangote to boost CDU capacity to 1.4 MBD from 0.65 – 0.70 MBD within three years after signing MOU with manufacturer in Nov’25 Factor to watch! C. Soften Gasoline Market from Additional Supply Global Gasoline Demand (1) KBD 2026 vs 2025: +296.29 KBD (+1.1%) 2025 vs 2024: +215.44 KBD (+0.8%) 2026 vs 2025: +0.50% US Slight economic improvement amid accelerated EV adoption and higher fuel efficiency 2026 vs 2025: -1.88% China Rapid EV adoption supported by strong government incentives 2026 vs 2025: +4.59% India Strong economic growth and rapidly vehicle fleet expansion despite improvements in fuel efficiency 22,000 24,000 26,000 28,000 Jan Mar May Jul Sep Nov 2020-2024 range 2020-2024 average 2024 2025 2026 KBD 2026 vs 2025: +256.92 KBD (+0.9%) Global Gasoline Demand (3) 2026 vs 2025: +0.41% US Slight economic improvement 2026 vs 2025: -2.21% China Rapid EV adoption 2026 vs 2025: +6.50% India Strong economic growth and rapidly vehicle fleet expansion 2025 vs 2024: +285.94 KBD (+1.1%) 0 100 200 300 400 500 600 Jan-25 Jul-25 Jan-26 Jul-26 Fuel oil (KBD) Gasoil (KBD) Jet/Kero (KBD) Gasoline (KBD) LPG (KBD) KBD 0 20 40 60 80 100 Jan-25 Jul-25 Jan-26 Jul-26 Coke(%) Fuel oil (%) Gasoil (%) Jet/Kero (%) Gasoline (%) Naphtha (%) LPG (%) % Phase 1 Phase 2 Phase 3 -400 -200 0 200 400 600 800 2024 2025 2026 Europe Houston/Los Angeles/Benicia Others Mainland China Olmeca Dangote Middle East Net incremental production KBD Net Gasoline Supply (1) Olmeca Refinery Commissioning Overview (2)Dangote Refinery Production Overview (2) Highlight refinery capacity Olmeca refinery capacity 340 KBD Gasoline yield : 41% Dangote refinery capacity 650 KBD Gasoline yield : 45% Gasoline supply in 2026 is expected to rise mainly from Dangote and Olmeca refineries Dangote is expected to stabilize after resolving RFCC issues during Dec’25 – Feb’26 and gradually ramp toward full capacity by late 2026 Olmeca is currently running its CDU at around 200 KBD and is expected to start up its FCC unit in Jul’26 __________________________________ (1) Source : S&P Global (Jan’26) (2) Source: FGE (Dec’25) (3) Source: EA (Jan’26) Global Gasoline Inventory (1) 410 430 450 470 490 510 Jan Mar May Jul Sep Nov Thousands 2021-2025 range 2023 2024 2026 2025 2021-2025 average MBBL Current Gasoline Inventory is higher than 5 years average driven by seasonal weak demand especially in the US Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook 28 Net Higher Gasoline Supply from Upcoming Refinery Capacity Additions amid Slow Gasoline Demand Growths1
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Thailand Petroleum Demand in 2026: Slow Growth Driven by Weak Economic Expansion Manufacturing Production Index (MPI) • +1.5-2.5% YoY, from the growth of tourism and industrial products export (Source: OIE) Passenger numbers • In 2025, higher domestic passenger (+42% YoY) and international passenger (11% YoY) (Source: CAAT) 588,515 554,467 653,875 672,811 527,835 550,230 566,737 2020 2021 2022 2023 2024 2025 2026F Others Gasoil Gasoline LPG HEV PHEV BEV Total 32.2 31.7 29.1 30.2 31.4 31.4 31.2 31.9 31.7 32.0 31.7 32.1 15 20 25 30 35 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F 2026F Gasoline Demand MML/Day Source: DOEB, PTT & TOP Estimation (Dec’25) Pre-COVID level 2025 vs 2024: +1.1% 2026 vs 2025: +1.1% Slow growth of gasoline demand in 2026, pressured by sluggish passenger car registrations, while partially supported by lower retail prices MML/Day Gasoil Demand 65.5 64.5 62.7 72.8 68.7 68.6 70.5 68.5 61.9 66.1 66.9 66.9 30 40 50 60 70 80 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F 2026F Pre-COVID level 2025 vs 2024: -2.6% 2026 vs 2025: +0% Stagnant gasoil demand, driven by weak commercial car registrations and soft domestic economic conditions2 Forecast year 2026 • Slow growth of total passenger car registrations at +3% YoY pressured by high household debt • Higher BEV registration growth at +17% YoY, accounting for 25% of total registrations, exceeding prior forecast of ~15%, driven by attractive price Chinese EV Car. (Source: DLT, Krungsri, TOP assumption) Passenger car registrations (RY1 & RY2) -6% YoY +18% YoY +3% YoY -22% YoY +3% YoY +4% YoY 302,897 301,851 316,148 252,110 181,763 164,662 166,309 2020 2021 2022 2023 2024 2025 2026F Others Gasoil Gasoline LPG HEV PHEV BEV Total Forecast year 2026 • Slow growth of total commercial car registrations at +1% YoY pressured by high household debt. • Higher BEV registration growth at +9% YoY, though still accounting for only 1% of total registrations, driven by new investments in e- bus service projects and continued large-scale EV battery development. (Source: DLT, BOI, TOP assumption) Commercial car registration (RY3, Bus & Truck) -0.3% YoY +5% YoY -10% YoY -28% YoY +1% YoY -9% YoY % BEV per total 0.2% 0.4% 1% 11% 13% 22% 25% % BEV per total 0.0% 0.04% 0.3% 0.6% 0.9% 0.7% 0.8% Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook 29 1
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Thailand Petroleum Demand in 2026: Slow Growth Driven by Weak Economic Expansion MML/Day Fuel Oil Demand 5.4 4.8 5.5 6.4 5.4 5.0 5.3 5.2 5.0 5.9 5.3 5.3 2 3 4 5 6 7 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F 2026F Pre-COVID level 2025 vs 2024: +6.3% 2026 vs 2025: -0.6% Slight contraction resulting from weaker export, impacted by Trump’s trade policies and on -going Thailand-Cambodia border tensions4 MML/Day Jet Demand 19.6 7.5 4.9 9.1 13.7 16.2 19.5 16.0 15.6 18.6 17.4 18.1 0 5 10 15 20 25 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F 2026F Pre-COVID level 2025 vs 2024: +7.3% 2026 vs 2025: +4.0% Consistent growth in 2026, fueled by rising tourist numbers, supported by government policies promoting tourism and economic expansion3 39.9M 6.7M .4M 11.2M 27.9M 35.5M 33.0M 36.7M 2019 2020 2021 2022 2023 2024 2025 2026F Malaysia Russia Korea China India U.S.A Others Tourist numbers Forecast year 2026 • Higher growth of foreign tourists by 11% YoY, supported by the growth of alternative markets e.g India and other long-haul travelers. • Higher growth of flight numbers by 3% YoY (International flight +2% YoY), supported by network expansion and higher flight frequencies (Source: TAT, AEROTHAI) -83% YoY -94% YoY +2507% YoY +150% YoY +27% YoY -7% YoY +11% YoY Forecast year 2026 • -3.1% to +1.1% YoY in export value, pressured by high base effect from previous year, ongoing trade wars, TH- Cambodia tension, and volatile Thai baht. • Export growth in 2025 was strong, driven by a low base in 1H’24, front-loaded shipments as well as robust global demand for electronic products. (Source: MOC,BOT) Export Value -2.6% -5.9% 17.4% 5.7% -0.8% 5.5% 13% -1% 246,269 231,634 272,006 287,425 285,074 300,740 339,635 0 50000 100000 150000 200000 250000 300000 350000 400000 -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 2019 2020 2021 2022 2023 2024 2025 2026F % Export value Export value (million $) 2019 2020 2021 2022 2023 2024 2025 2026F Domestic International -56% YoY -46% YoY +120% YoY +42% YoY +14% YoY +4% YoY +3% YoY Flight numbers Source: DOEB, PTT & TOP Estimation (Dec’25) Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook 30
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5.6 8.4 1.7 6.0 7.9 -0.4 0.0 0.0 0.0 0.0 8.1 0.5 0.8 2.0 2.5 3.2 2.8 -0.2 4.7 5.2 1.8 1.9 0.6 2.5 2.5 2.6 2.4 2.3 30% 40% 50% 60% 70% 80% 90% (2) 0 2 4 6 8 10 2019 2020 2021 2022 2023 2024 2025 1H'26 2H'26 2026 2027 2028 2029 2030 PX Effective Capacity Addition PX Demand Growth Operating rate (%) Improved PX Market from Postponed Supply Additions and higher Indian import from BIS removal While BZ Remains Challenged by Ongoing Capacity Additions Global PX Capacity Addition vs. Demand GrowthA Global BZ Capacity Addition vs. Demand GrowthB ____________________ Source: CMA (Fall 25), CCF Group (Sep’25), and TOP’s Estimation Market Highlight: BIS Removal Supports PX price Through Higher Chinese PTA Export Opportunity Removal of BIS certification for “simplified procedures, eliminated duplicate testing and expedited approvals” Mt 1.8 3.0 2.2 1.9 3.7 2.0 1.8 1.3 0.8 2.1 2.3 1.1 -0.1 2.21.0 -0.7 2.5 -0.3 0.3 1.3 1.4 0.6 0.4 1.0 1.5 1.4 1.4 1.3 30% 40% 50% 60% 70% 80% 90% (2) (1) 0 1 2 3 4 5 2019 2020 2021 2022 2023 2024 2025 1H'26 2H'26 2026 2027 2028 2029 2030 BZ Effective Capacity Addition BZ Demand Growth Operating rate (%)Mt Roll-over addition from previous year Who’re win? Applicable to Chemical Aromatics Chains: Paraxylene, PTA, Toluene, Polyester (Spun, IDY, PSF. FFDY, POY), ABS, SM Asian Upstream Producers - Improving PTA export opportunities may drive higher Chinese PX import Indian End-Used Producers - More reliable supply, enhanced confidence for downstream expansion Major PX Plant Start-up Country State/ City Unit Nameplate Capacity (KTA) Start-up China Shandong/ Yantai 1 1,500 Jan’27 China Shandong/ Yantai 2 1,500 Jan’27 India Odisha/ Paradeep 1 800 Jan’27 Delayed from Jan’26 Delayed from Jan’26 Delayed from Jul’26 Start Construction Oct’20 Q4’24 CDU-1 & Cracker-1 S/U Nov’20 Approval License for Cracker & Polyolefins Mar’25 CDU-2 S/U Cracker-2 S/U late-Sep’25 Now No Approval License for PX production since Aug’25 Currently Construction < 20 years ago < 12 years ago Initiate Project Now Approved Investment 0 100 200 300 400 500 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 KT Chinese PTA Export India Other BIS Removal After Indian government revoked BIS certificate since Nov’25, Chinese PTA export is significantly increasing and promoting the stronger PX trend from more PTA production +477% +90% 31 Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook
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1.4 3.9 3.1 3.8 4.1 1.0 1.8 2.0 2.0 4.0 6.6 5.3 1.5 2.31.4 2.4 1.6 0.3 0.4 0.6 1.0 0.8 0.7 1.5 1.6 1.7 1.7 1.7 30% 40% 50% 60% 70% 80% 90% 0 1 2 3 4 5 6 7 2019 2020 2021 2022 2023 2024 2025 1H'26 2H'26 2026 2027 2028 2029 2030 HDPE Effective Capacity Addition HDPE Demand Growth Operating rate (%) -200 0 200 400 600 Ethylene Margin - Naphtha Ethylene Margin - Ethane Ethylene Margin - LPG Soft Polyolefins Market from Supply Surplus, while Limited Impact from Rationalization & Consolidation in Short-Term ____________________ (1) Source : CMA Fall 2022 and ICIS (Oct’22) Country HDPE Company Nameplate Capacity (KTA) Start-up #1, #2 450, 450 Jan, Jul’24 450 May’24 600 Jun’24 955 Jan’25 800, 1100 Jan, Apr’25 800 Jul’25 Yuanjin 600 Sep’25 900 Jan’26 Shangjing 1500 Jan’26 Aramco 900 Jul’25 Major PP Plant Start-up in 2024 - 2026 Key Takeaway: - PP market will be still pressure on additional capacity, mainly in China. - SEA PP prices pressured by increased Chinese availability. - Chinese PP capacity exceed its demand by 6.9 million tonnes, projected to rise 11.6 million tonnes by 2025. - China’s share of global PP capacity exceeding demand is expected to reach 46% in 2025. - Increasing protectionism may back again for reaction to aggressively Chinese supply. Factor to Watch “Chinese Overcapacity”: Suspected delay Suspected delay B A Global HDPE Capacity Addition vs. Demand Growth MT Global PP Capacity Addition vs. Demand Growth ____________________ Source: CMA (Spring 25), ICIS, Argus, Chemorbis, Reuters and TOP’s Estimation Market Highlight: Producer Consolidation Trend to Manage Structural Headwinds South Korea Capacity and Demand lower operation rate from softer domestic demand and global oversupply 2026 Outlook: Ongoing Low Olefins Margins, Pressured by Persistent Overcapacity $/Ton$/Ton Asia Ethylene Margin by Feedstock -200 0 200 400 600 Asia Propylene Margin - PDH Unit Propylene Margin-NEA 2.0 Roll-over addition from previous year 2.9 5.4 5.2 5.9 6.1 4.6 9.4 3.5 2.8 6.3 6.2 6.0 1.3 2.7 2.4 3.9 3.8 0.6 2.7 2.3 2.0 1.0 3.0 3.3 3.4 3.5 3.3 30% 40% 50% 60% 70% 80% 90% 0 2 4 6 8 10 2019 2020 2021 2022 2023 2024 2025 1H'26 2H'26 2026 2027 2028 2029 2030 PP Effective Capacity Addition PP Demand Growth Operating rate (%)MT Roll-over addition from previous year “Overcapacity, Low demand Growth, Structural Competitive Disadvantage and Escalating Operating Costs” are driving for many producers to pursue consolidation strategy to survive during this “Challenging Period” However, the rationalization uncertainty limit positive impact in short-term Consolidation: Prime Polymer, Japan - Mitsu Chemical 65% - Idemitsu Kosan 35% PE: 1.26 MTA, PP: 0.55 MTA Sumitomo, Japan PE: 0.3 MTA, PP: 0.22 MTA Prime Polymer, Japan* - Mitsu Chemical 52% - Idemitsu Kosan 28% - Sumitomo 20% PE: 1.56 MTA, PP: 0.72 MTA *Completed deal, Next Step: Transfer Business Function on Jul 1, 2026 & Move Asset within Apr 1, 2027 C2: 1,100 KTAC2: 800 KTA C2: 900 KTA C2: 900 KTA LG Chem selling its Yeosu Cracker to GS Lotte transfers Daesan crackers to Hyundai and JVs at 50:50 C2: 900 KTA Plan to shut its No.1 Plant Completed Deal: No Specific Date Completed Deal: No Specific Date 32 Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook
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(4) As of 31 Mar 22 Net Debt 154,804 MB excluding lease liabilities 14,321 MB Softer Base Oil Spread due to Higher Supply from Group II/III while Healthy Bitumen Spread from Strong Regional Demand and Uncertainty of Iranian Export ____________________ (1) Source : Argus (Oct’24) (2) Source : SMC (2023) (3) Source: ICIS (Oct’24) (4) Source : : Bareau of Maintenance (Oct’24) B KM Maintenance Bituminous Road in Thailand vs. Thailand Bitumen Demand (2,4) Average→ Indonesia + India + Vietnam But 500SN-HSFO is expected to be stable to soft→ Subdued mostly regional demand + tight supply, esp. from Indonesia’s shortage (Strong domestic consumption) amid high HSFO 500N-GO is expected to remain high→ Limited Gr.2 supply from South Korean producers and scheduled MTA in Singapore and South Korea, including lower GO price US/China Service PMI (3) Index Spreads Remain Pressured by Low Base Oil/Bitumen prices from 2H-23 to 2024 Bitumen Gr.1 500SN Gr.1 500SN-HSFO $/TON Historical Prices (3) Bitumen-HSFODec-23 Northeast Higher Thailand Bitumen Demand in 20253 KM Thailand Maintenance Bituminous Road (4) North Central South Update maintenance from Argus Q1: 161 KTA Q2: 191 KTA Q3: 85 KTA Q4: 33 KTA Price (Bitumen-HSFO) Plot India’Bitumen Demand IOC (Panipat) > Move to Early 2027 HSFO Update to latest version from Argus Using Maintain Graph (Update Data) Maintain Graph (Update Data) ➢ Change Bitumen tone to Strong Bitumen : Change to Vene/Iran (If data available) CPPL Font: Century Gothic Size : Headline 20, หัวข้อแต่ละ Bullet 12, หัวข้อกราฟ 11, เนี้อหา 8, Legend ในกราฟ 8, แกนกราฟ+หน่วย 9 Font: Calibri Size : Reference ด้านล่างมุมซ้าย (Size : 7), หัวข้อใช้ เป ็ นตั วเลขทั้งหมด พื้นฐานหลังด า (Size : 14) Change wording to Strong bitumen from Strong growth in S.E. Asia Will Ask ICIS for demand-supply • Iran 'production is account for around 7.1 MT or around 47% of Middle East production which is around 5.8% of global supply • Iran is considered to be the major player of Bitumen exporter in the region as it export around 5 MT, mainly destination is China and India. Move Graph Change Summary Font: Century Gothic Size : Headline 20, หัวข้อแต่ละ Bullet 12, หัวข้อ กราฟ 11, เนี้อหา 8, Legend ในกราฟ 8, แกนกราฟ+ หน่วย 9 Font: Calibri Size : Reference ด้านล่างมุมซ้าย (Size : 7), หัวข้อใช้ เป ็ นต ั วเลขทั้งหมด พื้นฐานหลังด า (Size : 14) Softer Base Oil from Wave Of Gr.2/3 Capacity, while Healthy Bitumen Spread from Strong Regional Demand & Uncertainty of Iranian Export3 Historical Prices (1,2) $/TON $/TON HSFO Bitumen Gr.1 500SN 33 Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook 1 High Supply from Base Oil Group II/III to pressure Base Oil spread in 2026 Lube Plant Start-up (Gr.2/3) ____________________ (1) Source : ICIS (Jan’26) (2) Source : Argus (Jan’26) Country Nameplate Capacity (KTA) Group Start-up India 150 3 End’25 Singapore 1,000 2 Q4’25 India 235 2/3 2026 Saudi Arabia 275 2/3 Q3’26 Healthy Bitumen Spread from Robust India and Vietnam Demand and Uncertainty of Iranian Export 2 Iranian Production and Export (2) 0 2 4 6 8 2022 2023 2024 2025 2026 Production Export MT -0.5 0.0 0.5 1.0 1.5 2.0 2021 2022 2023 2024 2025 2026 Gr.1 Capacity Gr.2 Capacity Gr.3 Capacity Gr.2 Demand Gr.3 Demand AP/ME Base Oil Effective Capacity Addition vs. Demand Growth (1,2) MTON 1.1 1.2 0.7 1.1 1.7 1.0 0.7 0.5 0.3 0.2 1.5 1.1 0 2 4 6 8 2022 2023 2024 2025 2026 Production Consumption SEA Demand and Supply(2) MT 2022 – 2025 Demand : 1% 2025 - 2026 Demand : 1% • A wave of Group II/III capacity start -ups in Singapore and India is expected to drive capacity additions, increasing from 0.3 MTA in 2025 to 1.5 MTA in 2026. • Uncertainty of Iranian export disruption causing India & China to find alternative suppliers supporting Bitumen price
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2026 Market Outlook Conclusion Crude Oil Refinery Petchem Improved PX market from postponed supply additions and higher indian import from BIS removal while BZ remains challenged by ongoing capacity additions Soft polyolefins market from supply surplus, while limited impact from rationalization & consolidation in short-Term Healthy refining margin from decent middle distillate outlook amid softer gasoline market due to upcoming additional supply Oversupply pressures oil prices, while geopolitical tensions keep volatility high and maintain levels near the 2025 year-end Lube Base Softer base oil spread due to higher supply from group II/III while healthy bitumen spread from strong regional demand and uncertainty of Iranian export (vs. 2025) เพิ่มประโยคหลัง 34 Refinery Crude Petrochemical Lube & Bitumen Conclusion Final Remark Key Highlights CFP Update Performance Outlook
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2 3 1 KEY HIGHLIGHTS PERFORMANCE ANALYSIS OUTLOOK FINAL REMARK 35 Presentation Agenda Q4 & FY/25 4 CFP UPDATE 5
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2 3 1 KEY HIGHLIGHTS PERFORMANCE ANALYSIS OUTLOOK FINAL REMARK Presentation Agenda Q4 & FY/25 4 CFP UPDATE 5 37
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Key Takeaways Ensure the Delivery of CFP Project Target to accelerate full COD, with cost savings Ensure Plant Reliability amid Expected Healthy GRM Driven by global demand growth outpacing net capacity additions and maximized TOP’s refinery U-rate Disciplined Liability Management To strengthen TOP’s Balance Sheet through deleveraging actions to improve leverage ratios Strengthening Investment Grade Credit Rating Deliver Our Promise“ ”
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39 APPENDIX • Dividend • CAPEX • Financial Performance • Optimised & Flexible Operations…Superior Performance • World GRM / Inventories • Thailand petroleum demand by products
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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 1.80 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% 28% 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% 6.0% 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 30.2 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 40 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 0.80 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 1.00 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 6.53 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Interim Dividend 2H Dividend Year Dividend EPS
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TOP Group Strategic Investment Plan Budget 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 2018 – 2025 Actual 2025 2026 2027 2028 2029 Plan 2026- 2029 Total CFP project CAPEX 4,825 306 1,184 784 310 - 2,278 7,103 OPEX 14 12 14 17 3 - 34 48 Performance Bond Claim (438) (438) - - - - - (438) ERU (96) - - (41) - (619) (661) (757) Total CFP Budget* 4,305 (120) 1,198 760 313 (619) 1,651 5,956 Total Ongoing CAPEX 78 43 7 7 - 57 57 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 (42) 1,241 767 320 (619) 1,709 6,013 Updated as of December 2025 41
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Q4 & FY/25 - Financial Performance Financial Performance 42 $/bbl Q3/25 Q4/25 FY/24 FY/25 Market GRM 3.5 9.4 5.3 5.5 Stock Gain/(Loss) 2.2 (3.7) (1.5) (1.4) Accounting GRM 5.8 5.6 3.8 4.1 Aromatics & LAB 0.5 1.0 1.2 0.9 Lube base 1.1 1.5 0.6 1.1 Market GIM 5.2 11.8 7.1 7.5 Accounting GIM 7.4 8.1 5.6 6.1 Refinery 82% 114% 111% 106% Aromatics 39% 76% 80% 67% LAB 67% 126% 124% 110% Base Oil 54% 90% 80% 76% TOP Group Net Profit Gross Refining Margin - GRM Gross Integrated Margin - GIM Utilization / Production Rate Remark • Stock gain/(loss) : Q3/25 1,508 MB, Q4/25 (3,461) MB, FY/24 (5,913) MB, FY/25 (5,043) MB • Reversal/ (write-down) on crude and petroleum product inventory : Q3/25 76 MB, Q4/25 408 MB, FY/24 (80) MB, FY/25 73 MB • F/X gain/(loss) on gain on foreign currency assets & liabilities : Q3/25 864 MB, Q4/25 (330) MB, FY/24 (68) MB, FY/25 260 MB • (Tax expense)/Reversal of Tax expense : Q3/25 (498) MB, Q4/25 (459) MB, FY/24 (2,283) MB, FY/25 (2,131) MB • Net realized gain/(loss) on financial instruments (commodity hedging only) : Q3/25 466 MB, Q4/25 (1,062) MB, FY/24 626 MB, FY/25 (537) MB • Other items: Net gain/(loss) on FV of financial instrument : Q3/25 (558) MB, Q4/25 66 MB, FY/24 (265) MB, FY/25 (921) 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 (1,064) 6,968 16,808 11,470 1,372 1,134 4,042 (19) 328 7,371 1,584 (3,053) (5,993) (4,970) 274 (1,785) (1,990) (3,329) One-time gain from extraordinary item Gain / (loss) on repurchase of debentures Q3/25 FY/24 FY/25Q4/25 14,584 MB9,959 MB2,147 MB 2,458 MB
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90% 7% 1% 3% 5% 6% 1% 37% 17% 18% 12% 5% 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% 44% 11% 21% 20% 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 Q4/25 LONG RESIDUE Reference Price Local Q4/25 MOPS Fuel Oil 0.5%S MOPS Fuel Oil 3.5%S Others FE 43
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Gross Refinery Margin & Crude Refinery Input World GRM 44
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Global Crude Oil Inventories Inventories 45
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Global Gasoline Inventories Inventories 46
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Global Middle Distillate Inventories Inventories 47
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Global Fuel Oil Inventories Inventories 48
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China’s Refined Product Exports 49
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-50- Domestic LPG Demand LPG Demand by Sector LPG Demand Highlight • In 2025, LPG demand decreased by 1.8% YoY . The demand was pressured by petrochemical and automobile sector, which decreased by 5.7% and 1.0% YoY, respectively. However, the demand was supported by cooking, and industrial sector, which increased by 2.0% and 0.4% YoY, respectively. Outlook for 2026 • LPG demand is expected to decrease by around 0.3% YoY, which will be pressured by lower demand, particularly in the transportation and petrochemical sectors. However, the demand will be supported by higher demand from the cooking sector, as the Ministry of Energy (MOE) is prone to maintaining the retail price of LPG for cooking at 423 baht per 15 kg cylinder in 2026 (currently, the retail price will be maintained until 31 Mar 2026) in order to help reduce the cost of living. Thailand LPG Demand Remark : LPG demand includes Petrochemical consumption Source: EPPO, DOEB (As of Jan 2026) KT/Day KT/MTH Thailand Petroleum Demand by Products 16.7 17.7 17.2 18.6 18.0 18.9 19.0 17.2 17.2 19.0 18.3 18.2 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 50 https://www.thansettakij.com/business/economy/594656
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-51- Domestic Gasoline/Gasohol Demand Gasoline/Gasohol Demand by Grade GASOLINE/GASOHOL Demand Highlight • In 2025, Gasoline demand increased by 1.1% YoY. The demand was supported by higher demand for GSH95 E10, which increased by 8.8% YoY, due to a narrower price gap compared to GSH91 E10. • However, the demand was pressured by lower demand for GSH91 E10, E20, and E85, which decreased by 11.6%, 6.6%, and 12.5% YoY, respectively, due to slow growth of new passenger car registrations pressured by high household debt and a slight impact from the increase in BEV registrations. Outlook for 2026 • Gasoline consumption is expected to grow slowly at 1.1% YoY, pressured by slow economic growth and slow growth of passenger car registrations, but partially supported by lower retail prices. The Bank of Thailand (BOT) forecasts Thailand's GDP to expand by ~1.5% in 2026 (vs. 2.2% in 2025), while the Ministry of Finance (MOF) projects the Private Consumption Index (PCI) to increase by 2.7 -3.7% in 2026 from the investment incentives. Thailand Gasoline/Gasohol Demand MML/Day MML/Day Source: DOEB, MOF (As of Jan 2026) 30.9 31.6 31.2 32.3 31.6 31.8 32.4 31.4 31.4 31.4 31.3 33.4 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 51
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-52- Domestic Jet Demand Thailand Petroleum Demand by Products JET-A1 Demand and Number of Flights JET Demand Highlight • In 2025, Jet consumption increased by 7.3% YoY . The demand was supported by the expansion of total flight movements, which increased by 4.3% compared to last year, including international flights, which increased by 1.6% YoY, and domestic flights, which increased by 8.0% YoY. In addition, total passenger numbers in 2025, including domestic and international, increased by 2.3% YoY. However, according to the Ministry of Tourism & Sports, tourist numbers in 2025 reached 33.0 million, decreasing by around 7.2% compared to last year, mainly due to lower Chinese tourist arrivals, which declined by 34% YoY from safety concerns and most tourists visited Japan instead. Thailand JET Demand Source: DOEB, TAT (As of Jan 2026) MML/Day MML/MTHFlights 20.0 19.7 18.8 17.7 15.4 14.9 15.5 16.1 15.3 16.8 18.6 20.4 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 2026 • Jet demand is expected to grow by 4.0% YoY, mainly supported by rising tourist arrivals (+11% YoY to ~36.7 million) alternative markets e.g India and other long -haul travelers, but still pressured by border tensions between TH -Cambodia, natural disasters and slow recovery of major markets particularly Chinese tourists. Additionally, Airports of Thailand (AOT) forecasts total flight numbers in 2026 to increase by over 800,000 (noting that flight numbers correlate more strongly with jet demand than tourist numbers). 52 https://www.bangkokbiznews.com/business/business/1103072
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-53- Domestic Gasoil and NGV Demand Thailand Petroleum Demand by Products NGV Demand Thailand Gasoil Demand MML/Day KT/Day Gasoil Demand Highlight • In 2025, gasoil demand decrease by 2.8% YoY, reflecting weak economic recovery and subdued industrial activity, as evidenced by a contraction of around 0.8% in Thailand’s Manufacturing Production Index (MPI), alongside geopolitical uncertainties and a slowdown in commercial vehicle sales. However, demand was partially supported by the shift to B5 biodiesel, effective from 21 November 2024. Source : EPPO, DOEB (As of Jan 2026) NGV Demand Highlight • In 2025, average NGV consumption was 2.3 KT/Day, reflecting a 16.5% decrease YoY. This declining trend aligns with the continued contraction in the NGV vehicle fleet, which fell by 11.7% YoY, and the gradual closure of NGV refueling stations with further closures expected. This trend occurs amid a broader structural shift toward alternative fuels and electric vehicles. Despite the decline, PTT continues to support NGV usage in the public transport sector by maintaining a fixed NGV price of 15.59 baht/kg for taxis and public transport vehicles holding benefit cards until 15 Jan 2026 Outlook for 2026 • Gasoil demand is expected to remain stable in 2026, in line with a gradual recovery of the Thai economy and a projected improvement in the MPI, supported by growth in agriculture and e -commerce. However, upside remains constrained by high household debt, while the impact from rising BEV adoption remains limited, as BEVs account for only around 1% of total vehicle registrations. 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 53 2.9 3.0 3.0 2.8 2.8 2.8 2.7 2.7 2.6 2.6 2.7 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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-54- Domestic Fuel Oil Demand Thailand Petroleum Demand by Products Thailand Fuel Oil Demand by Sector Thailand Fuel Oil Demand Fuel Oil Demand Highlight • In 2025, Fuel Oil consumption increased by 6.0% YoY, primarily driven by stronger demand from the transportation sector, which accounted for 66% of total fuel oil consumption. The sector recorded a sharp 10.6% YoY increase, supported by higher export activity as businesses built up inventories amid trade policy uncertainties. Thailand ’s exports expanded by 12.9% YoY in 2025, reaching a record high of USD 339.6 billion (approx. THB 11.1 trillion), driven by strong growth in electronics, industrial products, and agricultural -related industries. Meanwhile, fuel oil demand in the industrial sector slightly declined by 1% YoY, reflecting continued weakness in domestic economic activity. Source : DOEB (As of Jan 2026) 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 2026 • Fuel Oil demand is projected to decrease 0.6% YoY, mainly due to slower export activity under continued U.S. tariff measures and ongoing Thailand-Cambodia border tensions. Thai exporters also face pressure from a strong baht, which reduces price competitiveness in key markets. According to the Ministry of Commerce, exports are forecasted to grow between -3.1% and +1.1%, though electronics exports and a potentially weaker baht may partly cushion the downturn, supporting manufacturing and logistics activities. 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 54
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