Slides
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Thai Oil Public Company Limited Presentation to Investors January 2026
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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 OLEFINS INVESTMENT KEY HIGHLIGHTS -3- FINAL REMARK
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TOP GROUP BUSINESS OVERVIEW -4-
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48.00% 8.68% 35.62% 7.69% PTT Foreign Investors Local Investors NVDR 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 9 Oct 2025
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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 TP & 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 PTT Public Company logo.svg The majority of refined petroleum products are sold domestically to PTTOR PTT Public Company logo.svg PTT is our principal domestic customer for our lube base products Upstream Intermediate Downstream Paraxylene Benzene Mixed-Xylene Toluene LAB 6
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Key Milestones: 65 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 – 2016 Listing, expansion and diversification Today Empowering Human Life through Sustainable Energy and Chemicals • 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 ~ 41 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) 2021-2025 • Olefins investment in Chandra Asri (CAP) 917 $m • 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 % Core Business Value Enhancement Earning Stability PTT Group 80.0% 100.0% 100.0% 100.0% 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 :214,000 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 – Q3/25) Sak Chaisidhi (SAKC) Sales & Distribution 100.0% TOP Next Thailand 77.7% 10% 80.0% 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 Marketing / IT Support 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 20% Others 22.3% Others 34.6 % PT Barito Pacific Tbk 30.6 % SCG Chemicals Plc 19.8 % Others 50% Others Free Float 24.8% 51% 17% 13% 18% Refinery Aromatics Lube Base Others Thaioil (TOP) 51.0% Tank Infra 49.0% Enhance financial strength and efficiency via Infrastructure Assets TOP Infra (TI)
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Process Linkage: Beauty of Integration -9- Thai Paraxylene PROCESS FLOWCHART JET ULG91 LPG ULG95 KEROSENE MX AGO DIESEL FUEL OIL SULPHUR HVU-1 HVU-2/DC FUEL GAS ADIP SRU-3/4/5 540 TS KMT-1 KMT-2 38,200 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 HVU-3 95,000 FCCU 10,400 CDU-1 45,000 CDU-3 180,000 CDU-2 50,000 CCR 9 HDS-3 HDS-4 105,000
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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: • JX changed its trade name to ENEOS since 2022. • Nelson Complexity Index measures refinery’s upgrading capability for comparison • It is the ratio of complexity barrels divided by crude distillation capacity 13.6 10.2 9.8 8.5 6.6 4.2 Reliance ENEOS PTTGC TOP Sinopec BSRC SK Innovation 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 9M/25 21.1
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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 11
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94% 4%2% 0% 6% 6% 1% 36% 19% 17% 9% 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% 47% 11% 22% 16% 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 Q3/25 LONG RESIDUE Reference Price Local Q3/25 MOPS Fuel Oil 0.5%S MOPS Fuel Oil 3.5%S Others FE 12
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94% 95% 97% 98% 96% 91% 86% 90% 93% 95% 111% 113% 113% 113% 113% 82%* 100% 107% 112% 111% 0% 50% 100% 150% Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 2021 2022 2023 2024 Industry utilization rate TOP utilization rate Export Q2/25 Q3/25 9M/24 9M/25 TOP Ind. TOP Ind. TOP Ind. TOP Ind. CLMV 7% 11% 6% 5% 11% 10% 10% 8% Others 6% 4% 5% 12% 3% 9% 3% 8% 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 Q2/25 TOP Industry Thailand Q3/25 TOP Industry Thailand 9M/25 Other Domestic Customers Export (2) Q3/23 Sales Breakdown 0 200 400 600 800 Mogas Jet/Kero Diesel Total Demand 9M'24 9M'25 +1.3% +8.5% -1.8% +0.4% 9M/24 TOP Industry Thailand 44% 4%2%1% 25% 13% 11% 43% 4% 2% 1% 26% 13% 11% Sales Breakdown by External Customers Other Domestic Customers Export 9M/25 Sales Breakdown Q3/25 Sales Breakdown Export Other Domestic Customers (2) (2) (2) Excluding export sale through PTT Source: Department of Energy Business, Ministry of Energy Q3’24 VS Q3’25 Mogas Jet/Kero Gasoil Total +2.4% +2.7% -5.0% -1.9% Refinery : Softer Utilization Slightly Recovering Domestic Oil Demand Resulting in Higher Domestic Sales * Due to planned MTA of CDU-3 and related units in Jul–Aug 25 87% 85% 89% 83% 86% 81% 87% 84% 13% 15% 11% 17% 14% 19% 13% 16% 13
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KEY HIGHLIGHTS -14-
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15 Planed Major Turnaround (MTA) U-Rate % Q2/25 Q3/25 9M/24 9M/25 Refinery 113% 82%(1) 110%(2) 103% Aromatics 75% 39%(1) 80% 64% LAB 125% 67%(1) 123% 105% Base Oil 76% 54%(1) 79% 71% 37% 36% 37% 36% 17% 19% 16% 18% 18% 17% 18% 17% 88% 94% 92% 91% 5% 4% 6% 5% 7% 2% 2% 4% Middle East Others i.e. WAF, US Local Far East Q2/25 Q3/25 9M/24 9M/25 Local 87% 89% 86% 87% Indochina 7% 6% 11% 10% Other exports 6% 5% 3% 3% GASOLINE JET DIESEL Reliable Refinery Production Optimized Production Capture High Local & Indochina Sales Crude Optimization Q2/25 Q3/25 9M/24 9M/25 (1) Major turnaround CDU-3 for 30 days and TPX, TLB, Labix for 45 days in Jul’25 (2) CDU-1 planned maintenance for 11 days in May’24 and CDU -3 unplanned shutdown for 13 days in Jan’24 TOP has successfully completed major turnaround achieved the intended objectives, with the production units and back to normal operation Q3 & 9M/25 Key Operational Highlight Successfully Completed Planned MTA to Strengthen Production Efficiency Commercial Operational Equipment Integrity Management Enhancing Reliability Enhancing Production Efficiency Q2/25 Q3/25 9M/24 9M/25
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(Published 27 Oct 25) Q3 & 9M/25 Key Financial Highlight Maintaining Investment Grade through Asset Monetization and Deleveraging Plan 16 Repurchased Amount ~ 633 MUSD1) Bought back USD bond Successfully executed deleveraging actions ~933 MUSD Successfully enforced security provided under EPC contract ~440 MUSD (1) Exclude loss from unwind CCS (1,088) MB, thus upfront gain net of unwind hedging 2,979 MB in 9M/25 Booked extra gain in 9M/25 4,067 MB (1) 2) Completed long-term loan prepayment ~300 MUSD (~ 10,050 MB) Maintain a solid Credit Ratings standing at investment grade Asset Monetization Deleveraging Plan in Action Image result for fitch ratings (Published 16 Jun 25) (Published 26 May 25) BBB- Negative Outlook A+(Tha) Negative Outlook Baa3 Negative Outlook 21-year long-term Lease Lease back • Total rent of 37,402 MB (~1,108 MUSD) • TOP will receive cash net proceeds of ~18,230 MB at Day1 as compensation of long-term leasehold right (net of capital injection for 51%) 2 TOP leases back all assets for its operation for 3 years with total fixed rate payment of 9,772 MB paid quarterly (with right to renew) PTT TANK and TOP will jointly establish NewCo. TOP will lease the Assets for 21 years to NewCo and then lease them back for its own refinery operation targeted to close by the end of 2025 1 Stronger balance sheet & liquidity Benefits to TOP Lease & Lease back of Thai Oil’s assets Strengthen competitiveness Parental support Retain ownership, No operational impact ✓ Strengthened balance sheet following proactive debt reduction efforts and net proceed from asset monetization in 2025 ✓ Positive progress on the CFP with TOP's commitment to complete in Q3’28 and within the budget $7.151 billion ✓ Strong likelihood of extraordinary support from PTT Affirmed Baa3 (Negative Outlook)
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FINANCIAL HIGHLIGHTS -17-
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ESG & Recognitions Market GRM Stock G/(L) GIM 5.2 3.5 5.4 4.1 0.8 5.7 4.0 3.5 0.8 0.5 1.3 0.81.0 1.1 0.5 1.0 Q2/25 Q3/25 . 9M/24 9M/25 Refinery Aromatic & LAB Lube Dubai Price Murban OSP Contribution ($/bbl) Crude Price Mkt Acc (4.4) 2.2 (1.3) (0.6) Q2/25 Q3/25 . 9M/24 9M/25 7.0 5.2 7.1 5.9 2.6 7.4 5.8 5.3 ESG & Recognitions 66.9 70.1 81.6 71.3 Q2/25 Q3/25 9M/24 9M/25 Q3 & 9M/25 Key Performance Highlight Softer GIM Pressured by Lower Refining Margin from Planed Major Turnaround 3.5 $/bbl QoQ (1.7) $/bbl • Lower gasoline spread due to higher exports from China and weaker-than-expected U.S. demand • Increasing middle distillate cracks supported by tight supply from disrupted refinery and infrastructure after Ukrainian drone attacks and a suspension of Russian diesel and gasoline product exports • Lower HSFO spread due to higher crude supply from increased OPEC production and lower power demand in the Middle East and South Asia during the end of summer season • Slightly higher PX margin supported by increasing PTA demand after plant resumptions from maintenance and lower supply from temporary shutdowns of PX plant in South Korea and Japan • Lower BZ margin due to weak BZ demand from downstream plant turnarounds in China and softer downstream products demand affected by U.S. tariff, while higher BZ inventory in China resulted from uneconomical BZ exports to U.S. • Stable LAB contribution due to tight supply from LAB plants maintenance in China and Thailand Refinery Aromatic & LAB Lube 0.5 $/bbl QoQ (0.3) $/bbl 1.1 $/bbl QoQ 0.1 $/bbl • Higher crude oil price due to concerns over tight supply amid the ongoing Russia –Ukraine conflict and improving demand from front-loaded imports ahead of the implementation of U.S. reciprocal tariff measures • Higher crude premium due to Iran and Israel conflict resulting in concerns over supply disruptions from a possible closure of the Strait of Hormuz. However, higher crude supply from OPEC+ unwind production cut limit upside risk of crude premium 2.0 2.3 1.4 2.0 • Increasing Base Oil margin due to tight supply from G1 plants maintenance • Improving Bitumen spread due to lower HSFO price following higher crude supply and higher bitumen demand in Vietnam 18 Key Achievement
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Financial Performance Softer Net Operating Profit from Major Turnaround 2,147 TOP Group Net Profit Q2/25: 6,476 (1,064) Net Operating Profit Q2/25 : 2,828 535 TOP Group Net Profit vs previous quarter: 4,019 535 TOP Group Net Profit vs previous quarter: 4,019 1,584 Stock G/(L) & Write down on crude & product inventory Q2/25 : (4,663) 274 Other Items Q2/25 : (1,273) TOP Group Net Profit and Contribution* Q3/25 4,329 (QoQ) 6,247 (QoQ) 1,547 (QoQ) Q2/25 9M/24 9M/25Q3/25 6,476 MB 2,147 MB 7,192 MB 12,126 MB Petroleum & Lube Aromatics & LAB Power Others (including solvent, ethanol, and other supporting businesses) 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 (1) • Financial Instruments gain/(loss), and unrealized on financial instruments gain/(loss), and others : Q2/25 (631), Q3/25 (92) MB, 9M/24 130 MB, 9M/25 (462) MB • Foreign exchange gain / (loss) on foreign currency assets and liabilities : Q2/25 (350) MB, Q3/25 864 MB, 9M/24 68 MB, 9M/25 590 MB • Reversal of income tax (expense) : Q2/25 (292) MB, Q3/25 (498) MB, 9M/24 (1,561) MB, 9M/25 (1,673) MB Remark : (1) Other Items Details *Contribution excluding Stock g/(l) & one-time items Q2/25 Gain / (loss) on repurchase of debentures 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 3,892 (QoQ) Q3/25 81% 3% 15% 2% 45% 36% 18% 68% 19% 10% 3% 9M/24 9M/25 72% 2% 20% 6% (1) 19
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(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 Refinery Aromatic & LAB Lube Base Operating Cost Interest Expense 2.2 12.0 8.5 5.3 3.5 5.2 3.5 4.1 6.9 13.0 8.3 3.8 4.6 0.8 5.8 3.5 2.2 6.9 11.9 13.0 8.4 8.2 5.3 3.8 3.5 4.6 5.2 0.8 3.5 5.8 4.1 3.5 1.7 1.7 0.4 0.4 0.9 0.9 1.2 1.2 0.9 0.9 0.8 0.8 0.5 0.5 0.8 0.8 1.6 1.6 1.1 1.1 0.7 0.7 0.6 0.6 1.0 1.0 1.0 1.0 1.1 1.1 1.0 1.0 5.5 10.1 13.4 14.3 10.09.8 7.1 5.6 5.4 6.5 7.0 2.6 5.2 7.4 5.9 5.3 1.7 1.5 1.9 1.9 1.5 2.1 3.4 2.3 0.9 0.8 0.7 0.7 0.5 0.6 0.8 0.6 2.6 2.3 2.6 2.6 2.0 2.7 4.2* 2.9 2021 2022 2023 Q4/24 Q1/25 Q2/25 2.2 1.9 1.6 1.5 1.1 1.7 2.7 1.9 1.0 0.9 0.7 0.6 0.5 0.5 0.7 0.6 3.1 2.8 2.2 2.1 1.6 2.2 3.5* 2.5 2021 2022 2023 2024 Q1/25 Q2/25 Q3/25 9M/25 Integrated Margin & Competitive Cash Cost 20 *Higher $/bbl mainly driven by lower bbl intake due to planned MTA of CDU-3 and related units in Q3/25 2021 2022 2023 2024 Q1/25 Q2/25 Q3/25 9M/25 2021 2022 2023 2024 Q1/25 Q2/25 Q3/25 9M/25 2021 2022 2023 2024 Q1/25 Q2/25 Q3/25 9M/25
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Financial Performance Unit: Million THB Unit: Million THB Free Cash Flow* Unit: Million THB * Free Cash Flow (FCF) = Operating cash flow – Net CAPEX(PP&E) ** Include performance bond claim under EPC contract approx. 438 MUSD Net CAPEX (PP&E) Net Profit EBITDASales Revenue (35,146) (31,929) (14,503) (8,954) 8,098** Unit: Million THB 21 335,827 505,703 459,402 455,857 106,270 99,086 80,049 285,405 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 9M'25 13,079 33,574 36,386 28,019 5,302 5,941 2,313 13,555 28,142 37,187 35,453 22,026 6,462 1,278 3,897 11,638 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 9M'25 EBITDA (excl stk G/L) EBITDA (incl stk G/L) (45,942) (24,642) 11,322 13,584 30,400 30,813 2020 2021 2022 2023 2024 9M'25 4,098 (2,485) 29,055 20,251 15,952 2,344 11,139 561 14,043 (3,301) 12,578 32,668 19,443 9,959 3,504 6,476 2,147 12,126 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 9M'25 NP (excl stk G/L) NP (incl stk G/L)
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Financial Ratios Net Debt / Equity Statements of Financial Position (Unit: million THB) Trade Payable / Others Long-Term Debt Equities Current Assets Non-Current Assets Cash & ST investment 409,010 Consolidated Long-Term Debt as at 30 Sep 25 Net Debt 83,304 million THB (US$ 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$)(1) Currency Breakdown Interest Rate Breakdown BBB- Negative Outlook Baa3 Negative Outlook A+(Tha) Negative Outlook Image result for fitch ratings Avg. Debt Life (yrs) 12.81 yrs Cost of Debt 4.00% 30 Sep 25 394,476 31 Dec 24 Net Debt / EBITDA (1) Including current portion of Long-Term Debt (2) Based on actual performance in the past 12 month 6.0 % 8.8 %ROE ROIC (2) 0.8 0.6 31-Dec-24 30-Sep-25 6.1 5.8 31-Dec-24 30-Sep-25 296,788 294,078 72,484 67,237 39,738 33,161 166,185 174,716 152,073 116,465 90,752 103,295 (5) Purely before hedging transaction (~50% CCS/FWD on USD bonds) Final Rating (3) Net debt including lease liability / LTM EBITDA including stock gain/(loss) and NRV (4) Net debt including lease liability / Total equity (3) (4) THB, 36% USD, 64% (5) Float rate, 17% Fixed rate, 83% TOP Group Financial Position & Financial Ratios 6.1 % 3.8 % (2) 22
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Strong Commitment to Maintain Investment Grade Credit Rating 23 Deleveraging and Commitment to Complete the CFP Project • Execute asset monetization of non-core businesses • Execute liability management • Ensure delivery of CFP project as committed • No new investments • Strong commitment to maintain investment grade credit rating • Increase the trade credit limit (ETC) from 30,000 MB to 65,000 MB in 2025 to support working capital needs, and consider further increasing the ETC to reduce debt if needed. • Fully support TOP’s funding, including asset monetization • Remain TOP’s major shareholder, and TOP continuing as an important and highly strategic subsidiary aligned with PTT’s strategic focus on Hydrocarbon business Strong Parental Support Strictly Confidential Information
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-24- TOP Group Strategic Investment Plan Budget Plan (Unit US$ 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 – 9M’25 Q4’25 2025 2026 2027 2028 2029 Plan Q4’25- 2029 Total CFP project CAPEX 4,659 111 259 1,205 865 254 - 2,435 7,094 OPEX 16 5 18 18 17 1 - 41 57 Performance Bond Claim (438) - (438) - - - - - (438) ERU (96) - - - (41) - (619) (661) (757) Total CFP Budget* 4,140 116 (161) 1,223 841 255 (619) 1,816 5,956 Total Ongoing CAPEX 80 141 43 7 7 - 137 198 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 196 (20) 1,266 848 262 (619) 2,082 6,154 Updated as of September 2025 24
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-25- • Continuously expedite High Value Products (HVPs) • Strengthen market distribution by regional market expansion Final Remark Sources of Funds 25 Strictly Confidential Information • Approval project cost during FID 4,825 MUSD • Additional cost from EPC contract amendment + 550 MUSD • Estimated additional investment cost + 1,776 MUSD Total CAPEX 7,151 MUSD CFP Investment Cost Financing Plan Existing debt 2,900 Issuance of debentures and/or loans as well as non- debt instruments 1,000-1,500 The remaining cash balance and cash flow from future operation MUSD MUSD 1,200-1,700 MUSD Cash flow from operation 1,620 MUSD
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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 0.8 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% 18% 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% 3.1% 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 26.1 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 26 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 1.80 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 4.47 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H'25 Interim Dividend 2H Dividend Year Dividend EPS
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STRATEGIC INVESTMENT PLANS -27-
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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 Value EnhancementValue Maximization Value Diversification New “2S1P” Strategy “ 2S1P ” 28 Maintain Vision “Empowering Human Life through Sustainable Energy and Chemicals” Existing “3V” Strategy 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 Thaioil Group’s Strategy from “3V” to “2S1P”
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“ 2S1P ” 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 29 Readiness through commercial collaboration, R&D Strategic Framework 2025-2035
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Performance Resilience Creditworthiness Sustainability Non-Financial Goal (Outside-In) AA+ 20% S2 & P 2030 2035 Financial Goal (Inside-Out) Non-Financial Goal (Outside-In)Financial Goal (Inside-Out) Performance Resilience Portfolio Diversification Sustainability 30 Balanced Strategic Target
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Thai Oil Group’s Strategy 31 “ 2S 1P ” Thai Oil’s “ 2S 1P ” Direction Bought back USD bond and Completed long-term loan prepayment Strategy 1 Strategy 2 Thai Oil’s Progress in Asset Monetization & Deleveraging Other Asset Monetization Plans Under Study A A Deleveraging Asset Monetization Unlock assets value, strengthen balance sheet position, financial resilience and competitiveness Strategy 3 Hybrid instrument Extended Trade Credit from parent, PTT Perpetual bond issuance
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Rationale for lease and lease back Transaction Structure Comparison Sale and Lease back Lease and Lease back 1) Debt Free in Consolidated FS No Yes 2) Operational Control Yes Yes 3) Buy-back option Yes Yes 4) Ownership No Yes 5) Transaction Cost High - Capital Gain Tax - Specific Business Tax - Transfer Fee - VAT Low - Registration Fee - Stamp Duty ✓ Debt free transaction and positive impact to TOP’s financial position ✓ Hold majority share to control operation and retain ownership ✓ Open for buy-back option ✓ Optimum transaction & operating costs TOP’s Key Requirements
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33 Transaction Structure Overview PTT TANK and ThaiOil will jointly establish NewCo. ThaiOil will lease the Assets for 21 years to NewCo and then lease them back for its own refinery operation targeted to close by the end of 2025 PTT TANK’s investment vehicle 1 49%51% Shareholders Agreements 2 Jointly established subsidiary “NewCo” (Consolidated by ThaiOil) Lease & Lease back of ThaiOil’s assets Transaction structure & key agreements 21-year long-term Lease Lease back: • Total rent of THB 37,402 mm (USD ~1,108 mm) • ThaiOil will receive cash net proceeds of ~18,230 MB at Day1 as compensation of long-term leasehold right (net of capital injection for 51%) 1 2 ThaiOil leases the assets back to operate for 3 years (with right to renew) ThaiOil leases the assets out to the subsidiary for 21 years Long-term Lease Agreement • Target ending in Dec 2046 (21 years) Lease Back Agreement • Target ending in Dec 2028 (3 years) • Short-term sublease agreement with right to renew at pre-agreed annual escalation rate of approx 2.1% • ThaiOil leases back all assets for its operation with total fixed lease payment of 9,772 MB for 3 years, with lease payments made quarterly 2 Single Bouy Mooring (SBM) 7 Crude tanks Lorry facilities & Product tanks +associated land on which the assets locate, totaling approx.145 Rai Assets in the scope
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34 Benefits to Thai Oil Thai Oil and PTT’s Tank Partnership Stronger Balance Sheet & Liquidity: Raises approximately 18,230 MB in cash, immediately improving Thai Oil’s leverage ratios with Net-Debt-to-EBITDA ratio improving from 10.38x to 8.54x Diversified Funding Sources: Allows Thai Oil to better manage overall refinancing risk profile Parental support: Strategically supported by PTT’s Group Asset Optimization Plan Recycle Capital & Unlock Value to Deleverage: Allows Thai Oil to recycle capital and unlock the value of our infrastructure assets, providing flexibility to pursue opportunities for value creation to shareholder Retain Ownership, No Operational Impact: Allows Thai Oil to retain control of the assets with no disruption to operations Strengthen competitiveness: Support Thai Oil to drive core business and sustainable growth Potential Synergies: Potential synergy with PTT Tank through centralized infrastructure assets management
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35 Financial Statement Impact to Thai Oil Accounting Treatments EBITDA • EBITDA in the consolidated statement will remain unchanged, as transactions between Thai Oil and NewCo will be eliminated upon consolidation Net Profit Attributable to Equity Holders • 49% of the NewCo net profit will be deducted through non- controlling interest 1 Thai Oil’s Consolidated Income Statement On-going 2 Thai Oil’s Consolidated Balance Sheet Recognized at Day-1 Key Ratios Impact Cash • Thai Oil will receive cash proceeds of ~18,230 MB on day one Asset & Liability • Assets and liabilities in the consolidated statement will remain unchanged, as transactions between Thai Oil and NewCo will be eliminated upon consolidation Equity • Recognize non-controlling interest for PTT Tank’s 49% equity portion in NewCo Balance Sheet/2 Cash + 18,230 Increase (Unit: MB) 44,658 44,658 18,230 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Pre- Transaction Post- Transaction -0.15x Decrease -1.83x Decrease Net-Debt-to-Equity Net-Debt-to-EBITDA 0.60 0.45 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 Pre- Transaction Post- Transaction 10.38 8.54 0.00 2.00 4.00 6.00 8.00 10.00 12.00 Pre- Transaction Post- Transaction As a subsidiary of TOP, NewCo will be consolidated into TOP’s consolidated FS. All transactions between NewCo and TOP will therefore be eliminated, except for the adjustments related to non-controlling interests Remark: /1 Pre-transaction numbers are based on 2025 Q2 Financial Statements /2 Impact analysis based on proceeds 18,230 MB from monetization /1 /1 /1 Accounting Treatments
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By Dec 20259 Dec 202525 Sep 2025 Thai Oil’s shareholder meeting to approve the transaction All CPs fulfilled and target closing Thai Oil’s board of director approval 9 Oct 2025 Thai Oil record date for shareholder to be eligible to vote at EGM Expected transaction completion Thai Oil’s EGM 36 Target Project Timeline
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Key Highlights of Lease & Leaseback of Thai Oil’s Partial Assets Thai Oil’s Shareholder Meeting Approval On 9 Dec 2025, the shareholders approved the transaction with resolution 99.99% of the votes, excluding votes from shareholders who had an interest in the transaction. Strengthened Thai Oil’s Balance Sheet and Liquidity • On 17 Dec 2025, Thai Oil received net cash proceeds of ~18,230 MB from compensation of long-term leasehold right (net of capital injection for 51%). The proceeds were used for deleveraging through tender offer. • Improving Thai Oil’s leverage ratios with Net-Debt-to-EBITDA ratio improving from 5.8x to 4.8x as of 9M’25 while Thai Oil can retain ownership without operational Impact. Completion of TOP Infra Establishment and Its Operation Team Tank Infra and Thai Oil established TOP Infra on 21 Nov 2025, with assigned operation team for TOP Infra by year-end 2025. $ Lease & Leaseback of Thai Oil’s partial assets Transaction structure & key agreements Thai Oil leases the assets out to the TOP Infra for 21 years Thai Oil leases the assets back to operate for 3 years (with right to renew up to 6 times with 3-year period each, totaling 21 years) Next Step Thai Oil will make sublease payments to TOP Infra on quarterly basis, with the 1st payment due in Mar 2026. 1 2 “The proceeds from long - term lease transaction will be deployed for deleveraging, ongoing 550 M$ bond buyback under execution” 37 Successful Asset Monetization Strengthening Financial Resilience
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38 • Continuously expedite High Value Products (HVPs) • Strengthen market distribution by regional market expansion 03 02 04 • 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 FID COVID-19 Estimated Project Cost 7,151 MUSD – and with ERU (Power plant) carve out, the investment cost could be reducedto approximately 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 Way Forward 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) EGM approved additional cost (total investment cost of approx. 7,151MUSD) • 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 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated RFSU of CDU-4 Estimated Full COD • Complete EPCM transition period • Handover materially completed • Completed awarding all 19 major contractors • Manpower ramp up to 8,500 pax. • Continue ramping up construction manpower to peak by Q1’26 • Continue to procure equipment and materials from critical vendors • Focus on work front generation and productivity analysis Way ForwardRecent Achievements FID 38 as of Dec’25Clean Fuel Project (CFP)
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-39- (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 Scope of CFP & Technical Aspect CFP
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ESG & Recognitions in 2024 40 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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-41--41- Sustainability Strategy 41 Strategic Target 2030: Leading in DJSI Rating 2035: Leading in 3 Global ESG Ratings E: Going forward to NET ZERO S: Nurturing relationship G: Strengthening & Expanding GRC to value chain Key strategic focus 15% GHG reduction from base year 2029 2050 20602035 Accelerate Net Zero with Conditions* Net Zero Cut Down Existing Emission C1 Compensate Residual Emission C 2 Control Future Emission C3 Reducing GHG emissions from the current production process Offsetting the remaining GHG emissions from the current production process Controlling future GHG emissions from the current production process 90% Community Engagement Control of Impact C Associate A Refine Stakeholder Relationship R Enhance Quality of Life E Control the impact from the source, including BAU CFP MTA, as well as proactive complaint management. Create participation among employees, the community, society, and network partners. Engage in proactive and participatory communication to build trust with various stakeholder groups. Conduct activities to enhance the quality of life for the community and society. Safeguarding S1 Strengthening S2 Sustaining S 3 Protecting business with GRC integration throughout the supply chain Building strength through GRC behavior and culture. Developing work processes or adopting technology to increase transparency. Zero Non-Compliance & Fraud incident Target Net Zero “3C” Strategy Target CARE Strategy Target 3S Strategy Remarks: *Conditions = Technological maturity, Economic viability, and Business competitiveness. 41
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-42- Thaioil Group’s Net Zero GHG Emission Pathway & Strategy Build Up New Carbon Credit Bring and Utilize Carbon Credit Buy Carbon Credit 2030 Low Carbon & New Energy Sustainable Aivation Fuel, Hydrogen, Carbon Capture & Storage S2 Net Zero “3C” Strategy CCS and Clean Energy 2030 2035 Energy Efficiency (EE) with Internal Carbon Price 42 Asset Efficiency Improvement Group Portfolio CCUS HydrogenClean Energy Carbon Credits Workstream with PTT Group Enabler Advocacy and Stakeholder Engagement Green Financing Framework Cut Down Existing Emission Compensate Residual Emission Control Future Emission C1 C2 C3 GHG Scope 1&2 Remark : * The first year of full commercial operation of the CFP project
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-43--43- Thaioil Group’s 3Cs Plan & Performance 2024 Green Hydrogen Technology Anion Exchange Membrane (AEM) Electrolyzers S2: Sustaining the Future S2 Low Carbon & New Energy Integrate sustainability into business strategy to focus on lower carbon & new energy business SAF Technology Study HEFA, Co-Processing, and ATJ technologies with strategic partner Green Product Certification Study and expand product scope to align with ISCC guideline Acquired Land Forest 8,300 rais in Phrae Acquired certified carbon credits • 0.364 MtCO2e from T-VER projects in 2024 • 1.675 MtCO2e from T-VER projects in 2019-2024 Focus on Energy Efficiency to lower GHG Emissions Strengthen Carbon Credit foundation while creating co-benefit Acquired Mangrove 300 rais in Trang GHG Reduction (tCO2e) GHG Emission Intensity (tCO2e per barrel of crude oil equivalent) Create Co-benefit to 5 local communities or about 500members through reforestation project GHG Reduction from Energy Efficiency Improvement vs GHG Emission Intensity 2021 2022 2023 2024 28,985 0.0324 Target 2024: Less than 0.03390.0314 0.0310 0.0315 17,545 16,759 28,003 II. Carbon reduction/avoided credit I. Reforestation for Carbon Credit with Co - Benefit Low Carbon & New Energy Investment Green Products Bio Ethanol LAB/HAB Keen Biodiesel/Gasohol TDAE etc. • Forest tree nursery • 43 MTHB for 1st year • Circular economy • Solar roofs • Mushroom cultivation • 130 MTHB 10-year for project Existing Co-benefit Future Co-benefit 2012 - 2024 • 246 projects • GHG Reduction ~ 427,483 tCO2e • Cost saving ~ 2,406 MTHB In 2024, Thaioil Group reduced ~ 28,985 tCO2e through Energy efficiency improvement project e.g., • Process Optimization at HCU 1 • Fuel Consumption Optimization at HDS 2 GHG Reduction (tCO2e) GHG Emission Intensity (tCO2e per barrel of crude oil equivalent) Cut Down Existing Emission C1 Compensate Residual Emission C2 Control Future Emission C3 Energy Efficiency Improvement 43 These projects expect to capture 78,000 tCO2e over the 10-year project period
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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 -44- 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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MARKET OUTLOOK • Crude Oil • Petroleum Products • Thailand Petroleum markets • Lube and Bitumen • Aromatics • Olefins
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Oil Supply Growth Outpacing Demand Growth Through 2026 Sustained Increase in Oil Supply from Non-OPEC Producers 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 1) Demand base เดิมละก้มี tariff มา pressure oil demand (ไปย้อนดู historical Trump1 2019) 2) Non-OPEC supply 2) Potential Russia sanction (0.5 – 2 MBD) 3) Iran sanction ( 4) 25% tariff to most goods (Effective Mar’25) 2 Decent Non-OPEC+ Supply Growth in 2026 with slower US production growth -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+ supply growth in 2026 led by Brazil, driven by new pre -salt field developments and the startup of new FPSOs (Floating Production S torage and Offloading) , but slower supply growth from U.S . due to reduced CAPEX from lower oil prices, affecting investment in exploration and production Others (+0.3 MBD) Brazil (+0.3 MBD) Guyana (+0.1 MBD) Canada (+0.1 MBD) US (+0.2 MBD) Y 2026 (+1.0 MBD YoY) Y 2025 (+1.8 MBD YoY) MBD 3OPEC+ continues to unwind 1.65 MBD production cuts by raising 137 KBD from Oct’25 onwards 1 Slightly improving global oil demand growth amid economic uncertainty and trade tensions • Slightly improving global oil demand due to recovery in manufacturing and industrial activity. Almost all demand growth is from non-OECD countries, particularly China and India Global oil demand growth (2,3,4) 0.7 0.7 1.1 1.1 1.3 1.4 2025 2026 IEA EIA OPEC Y’2025 + 1.0 MBD YoY Y’2026 + 1.1 MBD YoY Previous Forecast (Sep’25) 2025 2026 0.7 0.9 1.3 0.7 1.4 1.0 US China India Rising transportation fuel demand following economic growth which India is expected to be growth engine countries in the region. Stagnant demand over economic uncertainty from Trump policies and rising fiscal deficits Steady demand growth along with steady GDP growth which is still lower than pre-COVID level amid weak domestic demand and trade tension. Global oil supply growth outpacing demand through 2026 (3.0) (2.0) (1.0) 0.0 1.0 2.0 3.0 90 95 100 105 110 Q1/22 Q3/22 Q1/23 Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 Q1/26 Q3/26 MBD Global Oil Demand and Production Forecast * (2) • Outstripped supply growth to pressure the market, due to strong Non -OPEC+ supply growth and more - than-expected unwind cuts from OPEC+ amid uncertainty from sanctions and trade tensions Global Oil Demand Global Oil Production Stock Build Stock Draw 4 ____________________ (1) Source: FGE (Oct’25) (2) Source: EIA (Oct’25) (3) Source: IEA (Oct’25) 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 (4) Source: OPEC (Oct’25) MBD 46
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Geopolitical and Trade Tensions Keep Volatility High On- Goin g Tensi on in the Midd le East 1 US and EU Inflation Rate (5) US EU Declining Inflation trend Continue of Israel conflict with multi fronts Transition to New US Presidential How US next step impact to global oil supply and demand ? ____________________ (1) Source: EA (Oct’25) Non opec 1 5 https://my.energyaspe cts.com/research/crud e-oil/reports/crude- oil-alerts/2025-02-05- renewed-maximum- sanctions-pressure- will-gradually-force- iranian-oil-supply- lower__blt71e5581da 226d012 Geopolitical Tensions and Sanctions led to High Oil Price Volatility through 2026 US-China Talk Venezuela Graph ราคาให้เห็นภาพว่า Sanction แต่ละครั้ง Impact ตลาดนาน แค่ไหน ➢ Sanction by Biden ➢ Sanction around Jul’25 ➢ Latest Sanction 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Jan-24 Jun-24 Nov-24 Apr-25 Sep-25 China India Turkey Waterborne Russian crude exports (2) Drone attacks New US sanctions on Russia ➢ U.S. imposed new sanctions on Russia’s two largest oil firms (Rosneft and Lukoil), more than 5% of global oil output ➢ The latest sanctions put at risk exports of 1 MBD of crude and 1 MBD of refined products ➢ Supply risks to oil are rising as Ukraine and Russia intensify their strikes. U.S. may send Tomahawk missiles to Ukraine, prompting Putin’s warning of an “overwhelming” response ➢ 19 Russian refineries have been hit since Aug’25, worsening domestic fuel shortages and limiting exports Sanction Russia-Ukraine Conflict 55 65 75 85 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 10 Jan : US imposed sanction on two Russia’s major oil companies (impact 0.8 MBD of Russian’s 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 sanction against two largest Russia’s oil firms (Potential impact of 1 MBD of Russian export) 2 Apr : Announcement of Reciprocal Tariffs Dubai Price Movement, $/BBL ➢ EU imposed 19th Russia sanctions package, the package includes trade restrictions on Chinese and Indian entities and blacklists more than 100 additional oil tankers aiding Moscow's illicit energy trade. ➢ U.S. imposed new sanctions on Russia’s two largest oil firms (Rosneft and Lukoil), around 2.7 MBD which account for around 80% of Russian export ➢ India is expected to be the most affect countries as India import around 1.4 MBD from this two companies ➢ Market expected the impact to be around 1 MBD before normal trade restored in Q1’26 Casualties : > 30,000 (As of 24 Apr’24) • Hamas fired thousands of rockets and crossed from Gaza to southern Israel (7 Oct) • Hamas deputy leader killed and bombing in Iran (3 Jan) • 85 Iran-linked in Iraq and Syria targeted by US (2 Feb) • Civilians dead after Palestinian seek for aid in Gaza (1 Mar) • Approved for an attack on Rafah (16 Mar) • Attacked on Iran’s consulate in Syria (1 Apr) • Iran retaliation with aerial attack (13 Apr) • Israel strikes at nuclear program-city (19 Apr) Timeline of Key Israel – Gaza Conflict Easing Trade Tensions after Trump and Xi reach trade deal ➢ Suspend reciprocal tariff against China for 1 year until 29 Nov’26 ➢ Paused one-year new port fees imposed on Chinese-built, -owned and -flagged ships ➢ Suspend all retaliatory tariffs ➢ Resume US soybeans purchase ➢ Delay export restrictions on rare earth metals, announced on 9 Oct’25 and remove all controls which China imposed in Oct’22 and Apr’25 ➢ Remove all sanctions imposed on various shipping entities Key flashpoints of Trump – XI Jinping meeting Trump – Xi Jinping meeting at the APEC summit in late Oct’25 Closely Watch Uncertainty Point China hasn’t imposed a full 100% tariff in response, but tit-for-tat escalation is still possible A full trade war could drag on global supply chains, technology industries, and markets To be updated after US-China meeting next week ➢ 19 Russian refineries have been hit since Aug’25, worsening domestic fuel shortages and limiting exports ➢ China’s Expanded Export Controls on Rare Earths & Strategic Minerals ➢ US won’t support the long range missile (Tomahawk) to Ukraine left only long range missile from UK which Ukraine used to attack Russian Chemical plant ➢ China announces “special port fees” on U.S.-linked vessels ➢ Meeting to end the conflict bet 7 Update after Trump meet Xi on 30 Oct New US and EU sanctions on Russia ➢ U.S. imposed new sanctions on Russia’s two largest oil firms (Rosneft and Lukoil), around 2.7 MBD which accounts for around 80% of Russian export ➢ India is expected to be the most affected country as India import around 1.4 MBD from these two companies ➢ EU imposed 19th Russia sanctions package, which includes trade restrictions on Chinese and Indian entities and blacklists more than 100 additional oil tankers aiding Moscow's illicit energy trade. 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Jan-24 Jun-24 Nov-24 Apr-25 Sep-25 Waterborne Russian crude exports (1) Rosneft Lukoil Surgutneftegas Gazprom Other/Unknown MBD 6 Rising strike on Russia’s energy infrastructure from Ukraine ➢ Ukraine has launched at least 58 attacks on key Russian energy sites since the start of Aug’25, targeting Russian energy infrastructure such as refineries, retail stations, storage depots and export terminals. ➢ The frequency of attacks is currently the highest since Moscow’s full-scale invasion of Feb’22 ➢ Ukraine's drone attack disrupted 1.1 mb/d Russian refinery capacity in September, resulting in higher crude exports to around 4.1 MBD in Oct’25, the highest level in 29 months. ใส่สถานการณ์เพิ่มเรื่อง Trade tension ด้วยดีมั้ย 47
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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 Tightening Gasoil Supply despite Softer Gasoline Market and Stable Crude Premium A. Firm Refining Margin from Continued US & EU Refinery Closure amid Steady Crude Premium B. Healthy Gasoil Outlook due to Low Inventory, and High-Risk Premium from Geopolitical Tension C. Improving Jet Fuel Market from Recovering Flight Activities but Softer Gasoline Market from Rising Production and Slower Demand Growth 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 8.5 6.1 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 Avg’23: $7.3/BBL Avg’24 : $5.7/BBL YTD’25 : $6.1/BBL (2) (2) QTD as of 30 Oct 25(1) Singapore Cracking Margin = 32%MOGAS + 7%NAPH + 19%KERO + 16%GO0.05%S + 23%HSFO + 3%LPG – FREIGHT– DUBAI 48
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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 Closure amid Steady Crude Premium 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 Spring (May’25), FACTs AWRO (Jun’25), FACTs (Oct’25), Energy Aspect ( Jun’25) Note: Adjusted capacity based on start-up period (effective additional capacity) IFAD Murban – DB Futures, $/BBL 0 2 4 6 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 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 3.5 3.0 2.5 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 MBD UAE Production ➢ Murban price is supported from lower export after ADNOC reallocating supply to their Ruwais Refinery during Aug’25-May’26 ➢ However, UAE continued to raise production to meet its quota after the OPEC+ unwinding of cuts of 2.2 MBD and 1.65 MBD since Apr’25. ➢ Continuing uncertainty in geopolitical tensions in 2026, resulting in volatile Murban premium as ME crude is typically a balancing crude. Lower Murban Export during Aug’25 – May’26 amid Higher Crude Production from UAE to Meet Quota -1,500 -1,000 -500 0 Jan-25 May-25 Sep-25 Jan-26 May-26 LPG Naphtha Gasoline Jet/Kero Distillate Fuel Oil Cumulative Product Loss in 2025-2026 from Atlantic Basin Refinery Closures KBD Global Effective CDU Addition VS Additional Demand Challenge/Risks: • Difficulty in project startup Trading Month 85% 76% 80% 83% 84% 83% 83% 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 Crude production OPEC+ target 49
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-50- -600 -500 -400 -300 -200 -100 0 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 0.5 0.8 1.1 1.4 Jan Mar May Jul Sep Nov 0 0.1 0.2 0.3 0.4 0.5 0.6 Jan-24 Jul-24 Jan-25 Jul-25 500 550 600 650 700 Jan Mar May Jul Sep Nov Thousands 2020-2024 range 2023 2024 2025 __________________________________ (1) Source : EA (Oct’25) (2) Source: FGE (Nov’25) EU’s Sanction on Russia to Limit the Petroleum Products Made from Russian Crude (Eff.21 Jan’26) 1 B. Healthy Gasoil Outlook due to Low Inventory and High-Risk Premium from Geopolitical Tension 3 EU Middle Distillate Imports from India, Turkey, China (1) Global Gasoil Inventory (1) Russia Gasoil Exports by Destination (1) 22,000 24,000 26,000 28,000 30,000 32,000 Jan Mar May Jul Sep Nov 2020-2024 range 2023 2024 2025 Global Gasoil Demand (1) KBD 2026 vs 2025: +0.06 KBD (+0.2%) MBBL 2 MBD MBD Impact on Russia's Product Output by Product (2) KBD Russian Gasoil Exports (1) MBD Tightening Gasoil Inventory amid Steady Demand Growth Providing Healthy Outlook in 2026 Ukrainian Drone Attack and Russian Export Ban until Dec’25 to Limit Gasoil Export EU’s Enforcement Mechanisms (as of 16 Oct’25) (2) 600 KBD of offline CDU capacity in Sep’25, impacting roughly 170 KBD of diesel output Russia gasoil exported 0.7 MBD in Sep’25, lowest level since 2017 โตน้อยจาก EU ครับ รายละเอีดค านวนซ่อนอยู่ล่างหน้านี้ครับ Aspect ICE (Intercontinental Exchange), 13 Oct’25 EU (European Union), 16 Oct’25 Attestation No Russian crude processed in 60 days before loading Proof of segregated production lines Ship Tracking Requirement from Refineries Mandatory ship tracking data showing last Russian crude discharge No ship tracking required • 2026 vs 2025: +2.28% • India to led the demand growth from industrialization and construction sectors • 2026 vs 2025: -1.82% • China reached peak oil in 2024 from heavy duty truck electrification • 2026 vs 2025: -0.67% • EU change of the car fleet from diesel to gasoline hybrid cars and a slowdown in industrial activity Possible Reconciliation Approaches • ICE may relax its tracking requirement to match EU’s approach, accepting segregation proof instead of full vessel history. • EU could adopt ICE’s tracking for high-risk cargoes only. . Segregation Allowed: • Refineries to continue exports if they can prove that Russian and non-Russian crude are processed separately. Attestation Required: • If segregation is possible: attest that the product is from non-Russian crude. • If not: attest that no Russian crude was processed in the 60 days before loading. Gasoline VGO Fuel Oil Other Products Gasoil Naphtha Jet/Kero Throughput
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0 40 80 120 160 2018 2020 2022 2024 2026 2028 2030 C. Improving Jet Fuel Market from Recovering Flight Activities but Softer Gasoline Market from Rising Production and Slower Demand Growth MBD Global Gasoline Demand (1) * Potential postpone FCC MTA from Oct’25 to Dec’25 * __________________________________ (1) Source: EA (Oct’25) (2) Source: FGE (Oct’25) (3) Source : S&P Global (Sep’25) (4) Source: ACI World Airport Traffic Forecast (Feb’25) Improving Jet/Kero Outlook from Recovering Flight Activities amid Gasoil Geopolitical Risk Premium in 2026 1 Chevron’s El Segundo Refinery Fire (2) ‘000 Flights per day Global Jet/Kero Demand (1) % Growth (Y-o-Y) 2025: 5% 2024: 7% 2023: 22% • A major fire broke out at the Isomax 7 unit in Chevron’s 285 KBD El Segundo refinery • 40% of Jet Fuel Consumed in Southern California • Expected prolonged outage into Nov-Dec’25 • Bullish factor to jet/kerosene market in near term (Q4’25) 2,000 4,000 6,000 8,000 10,000 Jan Mar May Jul Sep Nov 2020-2024 range 2023 2024 2025 KBD 2026 vs 2025: +129.24 KBD (+1.6%) Gasoline Supply Increase from New Refinery Capacity (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 Highlight refinery capacity Olmeca refinery capacity 340 KBD Gasoline yield : 41% Dangote refinery capacity 650 KBD Gasoline yield : 45% Softer Gasoline Market due to Upcoming Refinery Capacity Addition and Slower Demand Growth 2 Factor to watch! Dangote’s RFCC operation stability as it faced frequent outage since ramping up in late Q2’25 Olmeca refinery is gradually starting up in 2025 with a phased ramp-up. The FCC and Alkylation units are expected to start commissioning in Jun’26. • 2026 vs 2025: +6.46% • China Robust domestic flights surpassed pre-covid levels to over 1 MBD by end-2025 • 2026 vs 2025: +1.61% • EU High flight activities led by Portugal, Spain, and Italy • 2026 vs 2025: -0.86% • US Tariffs on imported aircraft components led to scaled-back expansion plans and lower jet fuel consumption Global Gasoline Demand (1) 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: +123.3 KBD (+0.5%) 2026 vs 2025: -0.23% US 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 2026 vs 2025: +1.90% : South Africa gasoline demand remains strong due to unreliable refineries and import dependence also, a large vehicle fleet and slow EV adoption Air Traffic Forecast by Regions (Indexed 2019 = 100) (4) Index • Air traffic surpassed the COVID-19 pandemic level in 2019 transitioning into a stabilized growth trajectory • Emerging and developing economies to mark higher growth rates than advanced economies, led by the Middle East and Asia-Pacific Pre-covid 19 level = 100 51
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Thailand Petroleum Demand in 2026: Slow Growth, from Weak Economic Growth Manufacturing Production Index (MPI) • +1.5-2.5% YoY, from the growth of tourism and industrial products export (Source: OIE) 32.2 31.7 29.1 30.2 31.4 31.4 31.2 31.9 32.1 34.1 32.3 33.0 15 20 25 30 35 40 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F 2026F Gasoline Demand MML/Day MML/Day Gasoil Demand 65.5 64.5 62.7 72.8 68.7 68.6 70.5 68.5 62.7 68.3 67.5 67.5 30 40 50 60 70 80 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F 2026F MML/Day Jet Demand 19.6 7.5 4.9 9.1 13.7 16.2 19.5 16.0 15.3 16.9 16.9 17.6 0 5 10 15 20 25 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F 2026F MML/Day Fuel Oil Demand 5.4 4.8 5.5 6.4 5.4 5.0 5.3 5.2 5.1 5.5 5.3 5.2 2 3 4 5 6 7 2019 2020 2021 2022 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 2025F 2026F Source: DOEB, PTT & TOP Estimation (Oct’25) Factor/Policy to Watch in 2026 Pre-COVID level Pre-COVID level Pre-COVID level Pre-COVID level 2025 vs 2024: +3.1% 2026 vs 2025: +2.1% 2025 vs 2024: -1.7% 2026 vs 2025: +0% 2025 vs 2024: +4.2% 2026 vs 2025: +4.0% 2025 vs 2024: +5.1% 2026 vs 2025: -0.6% Foreign Tourists • Higher tourists in 2026 by 4% YoY (2025: 33.4 million people, -6% YoY) • Supported by upgrading tourism infrastructure, enhancing safety and assurance, implementing measures to ease travel etc. (Source: TAT) Passenger car & BEV registration • Slow growth of total passenger car registration at +0.3% YoY pressured by high household debt (9M’25 = - 0.5% YoY) • Higher growth of BEV registration at +2.7% or 16% per total car registration (9M’25, = +60.5% YoY, 20% per total) (Source: PTT assumption, DLT) Slow growth in 2026, pressured by sluggish passenger car registration while partially supported by lower retail price 1 Stagnant demand due to sluggish domestic economic conditions 2 Consistent growth in 2026, fueled by rising tourist numbers as government policies encourage tourism and economic expansion Contraction due to falling exports, impacted by Trump’s trade policies and persistent Thailand-Cambodia border tensions 3 4 Trump’s Reciprocal Tariff Policy and Thailand GDP • Although Thailand has successfully negotiated a 19% reciprocal tariff rate with the U.S., concerns remain over potential enforcement of high local-content requirements, which could expose Thai exports to up to 40% transshipment tariffs. • GDP Thailand forecast to 1.6% (GDP 2025 : 2.2%) (Source: BOT) Export Value • -1.5% YoY in export value (2025: +2-3% YoY), pressured by high base effect from previous year, TH-Cambodia border tensions, U.S.-China tensions, US enforces high local content rules, etc.. (Source: JSCCIB, SCB EIC) Passenger numbers • In 2025, higher domestic passenger (+42% YoY) and international passenger (11% YoY) (Source: CAAT) 52
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Challenges from New Aromatics Supply Outpacing Demand Growth until 2028 amid Continuing Demand Growth Backup PX-MX แล้วชี้ MX ตอน Yulong ท าเครื่องหมายโค้งขึ้น Factor to Watch “Malaysia’s ADDs”: - Supply may relocate to SEA and pressure on SEA PET market (Malaysia import PET from China account for 12% of total SEA export) SEA PET imports from China in 2023 - Malaysian government imposed ADDS on All PET import from China and Indonesia will be levied a higher ADD rate between 6.33% to11.74% and 37.44%, respectively 5.6 8.4 1.7 6.0 7.9 -0.4 0.8 3.1 0.8 3.9 4.2 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 (%) Global PX Capacity Addition vs. Demand GrowthA Mt 1.8 3.0 2.2 1.9 3.7 2.0 1.8 0.2 2.2 2.4 2.0 1.1 -0.1 2.2 1.0 -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% (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 (%) Global BZ Capacity Addition vs. Demand Growth Mt B ____________________ Source: CMA (Spring 25), CCF Group (Sep’25), and TOP’s Estimation Delayed to 2026 Expect Delayed to 2027 Market Highlight: China’s Anti Involution Policy focuses on mitigating “low-price disorderly competition” and addressing the issue of Overcapacity Aging Plants > 30 years must shut down within 2029 and > 20 years must shut down or upgrade. > 0.9 MTA (2 plants) > 1.3 MTA (> 30 plants*) More than 2.500 KTA (≈ 5 plants) of Paraxylene asset and 1,200 KTA (≈ 20 plants*) of Benzene should upgrade to more efficient plant (> 20-year-old) * BZ capacity including small size refinery (teapots), tranalkylation unit, naphtha cracker Expected Capacity Rationalization in China > 30-year-old plants > 20-year-old plants PX: BZ: > 2.5 MTA (5 plants) > 1.2 MTA (> 20 plants*) Short-Term Outlook: Low derivatives margin pressure aromatics market Low of fabric sales in China Increasing PX O/R amid Lower PTA O/R Stable BZ O/R amid Lower SM O/R (40) (20) - 20 40 60 80 50 60 70 80 90 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct $/Ton% Chinese BZ Chains Operating rate SM Margin BZ SM (20) - 20 40 50 60 70 80 90 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct % Chinese PX Chains Operating Rate PTA Margin PX PTA Polyester $/Ton must shut down within 2029 25576, 91% 1272, 4% 1334, 5% 40340, 92% 2430, 6% 900, 2% China Aromatics Assets by Age (KTA) Paraxylene Benzene < 20 yrs > 20 yrs > 30 yrs Upgrading or Shutdown 53
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2.9 5.4 5.2 5.9 6.1 4.6 8.1 3.5 3.0 6.5 6.6 5.0 0.5 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 (%) 1.4 3.9 3.1 3.8 4.1 1.0 1.7 2.0 1.7 3.8 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 (%) Challenges in Polyolefins market from supply surplus amid consistent demand growth following the economic growth ____________________ (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 MT ____________________ Source: CMA (Spring 25), ICIS, Reuters, S&P Global (Oct’25), LG Corp*, Korea Economic Daily*, and TOP’s Estimation Market Highlight: South Korea Restructuring Olefins Crackers South Korea Restructure South Korea Capacity and Demand lower operation rate from softer domestic demand and global oversupply 10 Korean Crackers agreed to a government-backed restructuring plan Reducing Capacity by approx. 25% (3.7 MTA) and headwind focus to high-value product Consolidate to Merge Naphtha Cracker* Talk to Merge Yeosu Plant Talk to Merge Daesan Plant SKR government announces NCC restructure plan Aug 20, 25 Jan 1, 26 Implement production Ongoing discussion 1,100 KTA Current Short-Term Outlook: Ongoing Low Olefins Margins -600 -400 -200 0 200 400 600 800 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Ethylene Margin - Naphtha Ethylene Margin - Ethane Ethylene Margin - LPG -600 -400 -200 0 200 400 600 800 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Asia Propylene Margin - PDH Unit Propylene Margin-NEA $/Ton$/Ton 800 KTA 900 KTA 900 KTA Asia Ethylene Margin by Feedstock 54
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Softer Base Oil And Bitumen Spread from Wave Of Gr.2/3 Capacity and Uncertainty over Economic Growth respectively amid Lower HSFO Prices (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 and Lower Bitumen Spread due to Uncertainty Over Economic Growth ____________________ (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 1 Delayed Wave of Gr.2/3 plant start-up from 2025 to 2026 Lube Plant Start-up (Gr.2/3) ____________________ (1) Source : ICIS (Oct’25) (2) Source : Argus (Oct’25) Update maintenance from Argus 2 Q1: 161 KTA Q2: 191 KTA Q3: 85 KTA Q4: 33 KTA Country Nameplate Capacity (KTA) Group Start-up India 150 3 End’25 Singapore 1,000 2 Q4’25 India 235 2/3 Q1’26 Saudi Arabia 275 2/3 2026 Price (Bitumen-HSFO) Plot India’Bitumen Demand IOC (Panipat) > Move to Early 2027 Historical Prices (1,2) HSFO $/TON 300 350 400 450 500 550 950 1,000 1,050 1,100 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 $/TON HSFO Bitumen Gr.1 500SN Update to latest version from Argus Using Continuing Bitumen Demand Growth amid Limited Infrastructure Investment in China 3 SEA Demand and Supply(2) 0 2 4 6 8 10 2019 2020 2021 2022 2023 2024 2025 2026 Production ConsumptionMT 2022 – 2025 Supply/Demand : 0%/1% 2025 - 2026 Supply/Demand : 1%/1% -0.5 0.0 0.5 1.0 1.5 2.0 2021 2022 2023 2024 2025 2026 Gr.1 Capacity Gr.2 Capacity Gr.3 Capacity Gr.2 Demand Gr.3 Demand AP/ME Base Oil Effective Capacity Addition vs. Demand Growth (1,2) MTON 1.1 1.2 0.7 1.1 1.7 1.0 0.7 0.5 0.3 0.2 1.5 1.1 55
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2026 Market Outlook Conclusion Crude Oil Refinery Petchem Challenging Petrochemical Market from New Capacity Additions outpacing Demand Growth Firm Refining Margin from Continued Refinery Closure, and Tightening Distillate Market amid Increasing Gasoline Supply Increasing Supply Growth to Pressure Oil Price, but Geopolitical Risk to Keep Volatility High Lube Base Softer Base Oil Spread due to Higher Supply from Group II/III amid Limited Downside from Lower HSFO Price (vs. 2025) เพิ่มประโยคหลัง 56
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-57- -57- FINAL REMARK
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“ ” We’ve moved beyond planning – already executed in 2025 to build a strong foundation for sustainable growth ahead
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APPENDIX • Financial Performance • Optimised & Flexible Operations…Superior Performance • World GRM / Inventories • Thailand petroleum demand by products -59-
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Gross Refinery Margins (GRM) ($/bbl) GO - DB JET - DB ULG95 - DB VLSFO - DB HSFO - DB 16.1 18.7 10.5 0.6 (5.5) Q3’25 Key Petroleum Product Spreads ($/bbl) MB-DB* Dubai 70.1 2.3 Q3’2581.3 85.3 78.3 73.6 76.9 66.9 70.1 65.2 1.1 1.6 1.3 1.6 1.8 2.0 2.3 2.8 - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4TD 2024 2025 Crude Price and Premium ($/bbl) Crude Intake (%) Refinery Utilization (%) 113% 82% 110% 103% Q2/25 Q3/25 9M/24 9M/25 Middle East Crude Intake Murban Crude Intake Q3/25 Market GRM (QoQ) Performance − Q3’25: Decrease refinery run rate to 82% due to planned MTA of CDU-3 and related units in Jul–Aug 25. 43% 47% 46% 47% Q2/25 Q3/25 9M/24 9M/25 88% 94% 92% 91% -15 -10 -5 0 5 10 15 20 25 30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4TD 2024 2025 9M’25 14.5 16.3 9.9 2.1 (1.9) 2.1 71.3 9M’25 − Lower Gasoline spread due to higher exports from China and weaker-than-expected U.S. demand. − Lower HSFO spread due to higher crude supply from increased OPEC+ production and lower power demand in the Middle East and South Asia during the end of summer season. + Increasing middle distillate cracks supported by tight supply from disrupted refinery and infrastructure after Ukrainian drone attacks and a suspension of Russian diesel and gasoline product exports. − Increasing crude premium due to Iran and Israel conflict resulting in concerns over supply disruptions from a possible closure of the Strait of Hormuz. However, higher crude supply from OPEC+ unwind production cut limit upside risk of crude premium. Refinery : Softer Contribution Softer Refinery Utilization from Planned Major Turnaround 3.53.0(1.7)5.29.1Acc. GRM 4.6 9.0 3.8 3.7 5.1 3.5 5.2 3.5 5.4 4.1 0.1 1.4 (5.4) (2.1) 1.1 (4.4) 2.2 (1.3) (0.6) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M'24 9M'25 2024 2025 Market GRM Stock G/(L) 0.8 5.8 4.1 14.2 15.8 11.5 4.8 1.7 Q2’25 24.9 26.6 15.4 (0.4) (5.7) 60 *MB crude premium based on loading month
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Gross Integrated Margins (GIM) & Product-To-Feed Margin (P2F) Aromatic’s Sales (excluding by product) (Kton) Q3’25 Aromatic Spreads ($/ton) LAB Utilization (%) TPX Utilization (%) Q3/25 Market GIM (QoQ) Performance − Q3’25: Decrease TPX utilization rate to 39% and LAB to 67% due to planned MTA in Jul–Aug 25. − Softer BZ margin due to weak BZ demand from downstream plant turnarounds in China and softer downstream products demand affected by U.S. tariff, while higher BZ inventory in China resulted from uneconomical BZ exports to U.S. GIM ($/bbl) PX BZ TL Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 9M 2024 2025 24 25 1.5 P2F ($/ton) 67 79 65 9.7 11.5P2F ($/bbl) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 9M 2024 2025 24 25 184 203 182 117 141 142 156 126 157 214 227 175 155 60 42 -20 -50 0 50 100 150 200 250 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4TD 2024 2025 125% 67% 123% 105% Q2/25 Q3/25 9M/24 9M/25 75% 39% 80% 64% Q2/25 Q3/25 9M/24 9M/25 2025 9M’25 PX-ULG95156 146 BZ-ULG95 42 86 Aromatics & LAB : Softening Contribution Weakened by Planned Major Turnaround and Lower BZ Spreads 7.3 5.2 + Slightly higher PX margin supported by increasing PTA demand after plant resumptions from maintenance and lower supply from temporary shutdowns of PX plant in South Korea and Japan. + Slightly higher LAB contribution due to tight supply from LAB plants maintenance in China and Thailand, while softer demand in rainy season. 54 56 40 1.1 1.2 1.0 0.9 0.8 0.5 1.3 0.8 70 9.29.5 7.1 20 44 5.1 90 101 95 100 91 86 49 286 22627 28 25 27 28 21 16 81 65 18 18 26 22 20 14 6 61 40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 9M 2024 2025 24 252025 2.6 25 61
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Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 9M 2024 2025 24 25 Gross Integrated Margins (GIM) & Product-To-Feed Margin (P2F) TLB’s Sales (excluding by product) (Kton) Bitumen-HSFO 500SN-HSFO647 14 Q3’25 Base Oil & Bitumen ($/ton) TLB Utilization (%) Q3/25 Market GIM (QoQ) Performance GIM ($/bbl) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 9M 2024 2025 24 25 13.3 10.9 P2F ($/ton) P2F ($/bbl) 0.4 0.4 0.5 1.1 1.0 1.0 1.1 Base Oil Specialty Bitumen − Q3’25: Lower utilization rate to 54% due to planned MTA in Jul–Aug 25. + Higher Base Oil margin due to tight supply from G1 plants maintenance. + Higher Bitumen spread due to lower HSFO price following higher crude supply and higher bitumen demand in Vietnam. 527 502 546 568 543 607 647 607 -41 -101 -22 -3 -49 -29 14 17 -200 -100 0 100 200 300 400 500 600 700 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4TD 2024 2025 2025 2025 76% 54% 79% 71% Q2/25 Q3/25 9M/24 9M/25 599 9M’25 (21) Base Oil : Lower Contribution Due to Lower Utilization from Planned Major Turnaround amid Higher Base Oil Margin 0.5 1.0 90 72 88 139 125 131 171 13.4 21.5 18.9 19.8 25.9 83 12.5 138 21.5 47 55 58 56 55 50 36 159 14130 34 35 36 35 31 21 99 8792 114 114 115 118 113 69 320 301 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 9M 2024 2025 24 25 25 62
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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 Q3/25 Performance Highlight (QoQ) − Lower contribution from TOP SPP due to lower sales volume from planned plant maintenance. + Dividend income from GPSC in Q3/25 of 141 MB Consolidated to TOP 1,385404463559474 822 782 668 736 762 838 540 2,141 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 9M/25 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) 553 566 516 544 532 570 468 1,570 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 9M/25 474 435 336 404 410 482 225 1,117 124 127 127 141 268 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 9M/25 410 609 889 878 860 849 831 891 717 2,439 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 9M/25 Power : Softer Contribution Lower Sales Volume from Planned Major Turnaround 366 63
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Polymer Spreads Net Profit (million USD) Q3/25 Performance Highlight (QoQ) TOP Investment Indonesia (TII)* Performance Monomer Spreads Olefin Product Spreads − Softer contribution due to lower product spreads from weaker demand during rainy season, along with higher supply following the resumption of operations at Vietnam’s Long Son plant and the startup of new plants in Indonesia (Lotte Chemical) and China (CNOOC Ningbo Daxie). *TII shareholding in CAP 15% since Sep’21 Overall 326 328 315 328 326 353 298 325 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 2024 2025 PP CFR SEA - NaphJ ($/TON) 354 364 323 316 320 363 332 338 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 2024 2025 HDPE CFR SEA - NaphJ ($/TON) 435 509 480 378 387 372 362 374 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 2024 2025 SM- NaphJ ($/TON) 523 746 830 626 692 494 442 543 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 2024 2025 BD- NaphJ ($/TON) (5.5) (2.6) (2.1) (1.2) (5.3) 194.5 (0.1) 189.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 2024 2025 Olefins : Softening Contribution Softer Contribution from CAP Due to Lower Product Spreads 64
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Utilization Rate(2) Net Profit (million THB) Q3/25 Performance Highlight (QoQ) Solvent Business EBITDA (million THB) Ethanol Business + Higher contribution from effective cost management resulting in higher gross margin. Net Profit (million THB) − Softer contribution due to lower sales volume and higher production 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. 93% 90% 97% 87% 89% 101% 87% 92% Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 2024 2025 285 255 212 167 227 158 254 639 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 236 104 (3) 49 84 (4) 121 201 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 103% 81% 77% 97% 66% 66% 58% 64% Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 2024 2025 Q3/25 Performance Highlight (QoQ) 1 (5) (17) (53) (17) 7 (30) (39) Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M (54) 54 29 11 (64) 6 48 (15) 39 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 2024 20242025 2025 Solvent : Higher Contribution Due to Effective Cost Management Ethanol : Softer Contribution from Lower Sales Volume 65 2024 20242025 2025
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Consolidated Financial Performance (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 mainly from realized FX gain on USD bonds 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 - 66
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Loans proceeding 17,332 Loans repayment (27,738) Bond issue / (Paid) (16,827) Interest (4,647) Dividend& Others (5,217) Dividend income 677 ST investment 5,378 CAPEX (PP&E) & others 7,953 Net income 13,823 Depreciation & NRV 6,004 Other adj. (11,284) Change in working capital 14,172Operating Investing Financing 22,715 13,990 (37,098) 1) 2) Unit : Million Baht 22,715 13,990 29,042 Cash as at 31 Dec 2024 Operating Investing Financing Effect of FX Changes 36,705 Free Cash Flow (970) Cash as at 30 Sep 2025 28,072 1) AR and inventory 4,499 MB AP 11,308 MB. Oil Fuel fund 135 MB 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 3) (37,098) 4) Effect of FX changes was mainly from the FX gain/loss of FCD and other adjustments 4) Consolidated Cash Flow (577) Cash & ST investment as at 31 Dec 2024 39,738 Cash & ST investment as at 30 Sep 2025 33,161 67
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Gross Refinery Margin & Crude Refinery Input World GRM 68 Data source : Reuters
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Global Crude Oil Inventories Inventories 69 Data source : Reuters
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Global Gasoline Inventories Inventories 70 Data source : Reuters
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Global Middle Distillate Inventories Inventories 71 Data source : Reuters
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Global Fuel Oil Inventories Inventories 72 Data source : Reuters
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China’s Refined Product Exports 73 Data source : Reuters
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-74- Domestic LPG Demand LPG Demand by Sector LPG Demand Highlight • In 9M’25, LPG demand decreased by 5.5% YoY . The demand was pressured by petrochemical sector, which decreased by 22.1% YoY. However, the demand was supported by cooking, and industrial sector, which increased by 1.8% and 0.5% 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 Dec 2025) in order to help reduce the cost of living. Thailand LPG Demand Remark : LPG demand includes Petrochemical consumption Source: EPPO, DOEB (As of Nov 2025) 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 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 74 https://www.thansettakij.com/business/economy/594656
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-75- Domestic Gasoline/Gasohol Demand Gasoline/Gasohol Demand by Grade GASOLINE/GASOHOL Demand Highlight • In 9M’25, Gasoline demand increased by 1.3% YoY . The demand was supported by higher demand for GSH95 E10, which increased by 9.5% 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 12.2%, 6.3%, and 13.3% YoY, respectively, due to lower new passenger car registrations from high household debt and a slight impact from the increase in BEV registrations. Outlook for 2026 • Gasoline consumption is expected to grow slowly at 2.1% YoY, pressured by slow economic growth and sluggish passenger car registrations, but partially supported by lower retail prices. The Bank of Thailand (BOT) forecasts Thailand's GDP to expand by ~1.6% in 2026 (vs. 2.2% in 2025), while the Ministry of Finance (MOF) projects the Private Consumption Index (PCI) to increase by 2.4% in 2026 (down from 3.0% in 2025) due to high household debt. Thailand Gasoline/Gasohol Demand MML/Day MML/Day Source: DOEB, MOF (As of Nov 2025) 30.9 31.6 31.2 32.3 31.6 31.8 32.4 31.4 31.4 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 75
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-76- Domestic Jet Demand Thailand Petroleum Demand by Products JET-A1 Demand and Number of Flights JET Demand Highlight • In 9M’25, Jet consumption increased by 8.4% YoY. In 9M'25, jet consumption increased by 8.4% YoY. The demand was supported by the expansion of total flight movements, which increased by 5.2% compared to last year, including international flights, which increased by 2.4% YoY, and domestic flights, which increased by 9.1% YoY. In addition, total passenger numbers, including domestic and international, increased by 2.2% YoY in 9M'25. However, according to the Ministry of Tourism & Sports, tourist numbers from 1 Jan to 9 Nov'25 reached 27.6 million, decreasing by around 7.1% compared to the same period 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 Nov 2025) MML/Day MML/MTHFlights 20.0 19.7 18.8 17.7 15.4 14.9 15.5 16.1 15.3 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 (+4% YoY to ~34.7 million) due to enhanced safety measures and streamlined travel procedures. 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). 76 https://www.bangkokbiznews.com/business/business/1103072
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-77- Domestic Gasoil and NGV Demand Thailand Petroleum Demand by Products NGV Demand Thailand Gasoil Demand MML/Day KT/Day Gasoil Demand Highlight • In 9M’25, gasoil demand decrease by 4.5% YoY, which mainly attributed to sluggish economic recovery, weak industrial production, ongoing geopolitical uncertainties, and a slowdown in commercial vehicle sales. However, demand was supported by the shift to B5 biodiesel, effective from 21 Nov 2024. Source : EPPO, DOEB (As of Aug 2025) NGV Demand Highlight • In 9M’25, average NGV consumption was 2.4 KT/Day, reflecting a 16% decrease YoY. This declining trend aligns with the continuous reduction in the cumulative number of NGV -registered vehicles and the gradual closure of NGV refueling stations. However, PTT continues to provide support by maintaining a fixed NGV price 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 17.16 baht/kg, effective from 16 October to 15 November 2025. Outlook for 2026 • Gasoil demand is expected to stable in 2026, in line with the gradual recovery of the Thai economy, particularly in the agriculture and e - commerce. In addition, the government may introduce measures to promote local content and reduce transshipment risks could further support domestic manufacturing activity and boost gasoil consumption despite ongoing challenges from household debt. 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 77 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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-78- Domestic Fuel Oil Demand Thailand Petroleum Demand by Products Thailand Fuel Oil Demand by Sector Thailand Fuel Oil Demand Fuel Oil Demand Highlight • In 9M’25, Fuel Oil consumption increased by 6.3% YoY, primarily driven by stronger demand from the transportation sector, which accounted for 66% of total fuel oil consumption. The sector recorded a sharp 8.1% YoY increase, supported by higher export activity as businesses built up inventories amid trade policy uncertainties. Thailand's exports expanded by 13.9% YoY during the first nine months of 2025, accelerating in line with clearer U.S. countervailing import tariff measures and growing signs of U.S. trade policy easing. Meanwhile, fuel oil demand in the industrial sector slightly declined by 1% YoY, reflecting continued weakness in domestic economic activity. Source : DOEB (As of Aug 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 2026 • Fuel oil demand is projected to decrease by 0.6% YoY, mainly due to a slowdown in export activity pressured by U.S. tariff measures. Besides, Thai exporters continue to face challenges from the recent appreciation of the Thai baht, which has reduced Thailand's price competitiveness in key markets. However, exports in the electronics sector, which remain exempt from U.S. tariff measures, are expected to partly cushion the downturn, supporting certain 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 78
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