Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — Q2 2026 Earnings Presentation
53 slides from Bangchak Corporation Public's earnings presentation, August 2026
Slide 1: Investor Forum 2026
INVESTOR FORUM 2026 Securing TODAY I Pivoting TRANSITION I Creating Value for TOMORROW (Earnings Call for Q2/2026)
Slide 2: Disclaimer
Disclaimer The information contained herein is being furnished on a confidential basis for discussion purposes only and only for the use of the recipient, and may be subject to completion or amendment through the delivery of additional documentation. Except as otherwise provided herein, this documen
Slide 3: Agenda
Agenda Securing Pivoting Creating Value for TODAY TRANSITION TOMORROW 3
Slide 4: Investor Forum 2026 - Group CEO
INVESTOR FORUM 2026 Securing TODAY I Pivoting TRANSITION I Creating Value for TOMORROW Mr. Chaiwat Kovavisarach Group Chief Executive Officer and President Bangchak Corporation Public Company Limited
Slide 5: Energy Security is What the World Needs
ENERGY SECURITY is WHAT THE WORLD NEED GEOPOLITICAL UNCERTAINTY IS CHANGING THE DEFINITION OF ENERGY SECURITY Rising Geopolitical Uncertainty Regional Conflicts Supply Chain Commodity Price Energy Transition & Sanctions Disruptions Volatility Uncertainty PROCESSING RELIABILITY Convert into usable en
Slide 6: Refinery = Key Energy Security Asset
PROCESSING RELIABILITY Convert into usable energy REFINERY = KEY ENERGY SECURITY ASSET Global Refinery Closure Two Decades of Global Refining Power Shift Asia Reinforce Asia’s Power in Global Refining Asia Takes the Lead No.1 of Global Refining Capacity Addition vs. Closure (million b/d) %Share of G
Slide 7: Vessel Transited the Strait of Hormuz
LOGISTICS RESILIENCY Move and balance supply When Supply Was Constrained, Bangchak Keeps Energy Moving 1 St VESSEL Successfully transited the strait of Hormuz during the peak disruption (APR 2026) Physical access secured Cargo delivered Supply chain remained operational Note: Illustrative Image Geop
Slide 8: Why E&P Is Critical: The World Needs New Supply
RESOURCE SECURITY Access to hydrocarbon WHY E&P IS CRITICAL: THE WORLD NEEDS NEW SUPPLY Upstream investment is needed to fill Supply Gap Million b/d The world needs at least 110 100 20 million b/d of new liquids supply by 2035 This is the largest supply gap ever! 90 Brent price outlook 80 has a >50%
Slide 9: Bangchak's Integrated Energy Platform
ENERGY SECURITY & RESILIENCY Reliable energy for today and tomorrow Bangchak’s Integrated Energy Platform E&P EXPOSURE Secures access to upstream resources + REFINERY CAPABILITY Converts molecules into high-value energy + TRADING & NETWORK Moves and balances supply across markets = STRONGER ENERGY S
Slide 10: Bangchak Group Portfolio Transformation
Bangchak Group Portfolio Transformation R&M AND BIOFUELS Level up through a Fully Integrated R&M and Biofuels Platform UPSTREAM TRADING Secure & Unlocking Create value through Future Energy global market access & Sources robust risk management Integrated Value Creation From Crude to Clean Molecules
Slide 11: 1H2026: A Record-Breaking Performance
1H2026: A Record-Breaking Performance Entering a New Growth Phase EBITDA 44,724 41,680 40,409 43,763 (Unit: Mn.THB) 35,753 25,818 11,363 13,421 10,201 8,709 4,104 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 COVID-19 Pandemic Net Profit (Unit: Mn.THB) 18,383 12,575 13,233 4,773 5,608 7,624
Slide 12: Bangchak Group: 1H2026 Strategic Highlights
Bangchak Group: 1H2026 Strategic Highlights EBITDA Strategic SAF Trading Business Top 10% for Growth Acquisition Contribution Sustainability Ranked in S&P Global’s >100% Top 10% Strategic 100% acquisition of Thailand's First >100% for Sustainability, EBITDA Growth Chevron Hongkong, HEFA-SPK EBITDA G
Slide 13: Building Value Through Strategic Investment & Divestment
Building Value Through Strategic Investment & Divestment Disciplined Portfolio Optimization INVEST RECYCLE REDEPLOY Disciplined investment in core Divest non-core assets to Reinvest in strategic opportunities and high-potential businesses unlock value for sustainable growth CAPITAL RECYCLING Driving
Slide 14: Agenda
Agenda Securing Pivoting Creating Value for TODAY TRANSITION TOMORROW 14
Slide 15: President, Refinery and Marketing Business Group
INVESTOR FORUM 2026 Securing TODAY I Pivoting TRANSITION I Creating Value for TOMORROW Mr. Bundit Hansapaiboon President, Refinery and Marketing Business Group
Slide 16: Asia Leading Value Chain Integrator
Asia Leading VALUE CHAIN INTEGRATOR Leading Next Generation Fuels for The Future Supply Platform VALUE CHAIN INTEGRATOR Market Platform Leading Transition Fuels Optimization Leading Customer Value Through maximizing asset utilization & Through channeling every barrel advancing next-generation bioref
Slide 17: Bangchak's Biofuel Strategy
Bangchak’s Biofuel Strategy Taking Off as A New Growth Engine Thailand First HEFA-SPK SAF Production Plant Transforming waste into low-carbon aviation fuel for a sustainable future Production Commercial CAPEX No CIT For 8 years Capacity Operation Date 8.5 bn.THB 50% tax deduction 7 KBD May 2026 for
Slide 18: Unlocking Growth Opportunities for SAF
Unlocking Growth Opportunities for SAF Driven by Blending Mandates SAF Blending Mandates Region/Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Europe 2% 6% 10% 20% Key Highlights America 10% • Global SAF demand is SG Postponed to 2027 1/ expected to surge 11x over the next decade Asia 1
Slide 19: Bangchak's Full Value Chain Optimization
Bangchak’s Full VALUE CHAIN Optimization TODAY TRANSITION TARGET by 2031 1H2026 2027 2031 Crude Run 276 KBD Driving Integrated Efficiency Crude Run 285 KBD +4% • Lower crude cost SAF Average Run 6.8 KBD • Logistics Synergy & Loading facility SAF Average Run 7+ KBD +3% • Energy cost synergies Biofuel
Slide 20: Marketing Business Group
INVESTOR FORUM 2026 Securing TODAY I Pivoting TRANSITION I Creating Value for TOMORROW Mr. Seri Anupantanan Senior Executive Vice President, Marketing Business Group
Slide 21: Maximizing Asset Utilization at Most Profitable Channel
Maximizing Asset Utilization at Most Profitable Channel To Be Customers’ Preferred Choice 01 02 03 04 05 GREENOVATIVE NETWORK NON-OIL DIGITAL GREEN PRODUCT MANAGEMENT OFFERING EXPERIENCE SOCIETY ▪ Product Quality Leadership ▪ Strategic Network ▪ Excellence Customer Journey ▪ Community & Society Impa
Slide 22: Accelerating Growth Across Non-Oil Businesses
Accelerating Growth Across Non-Oil Businesses Asset & Space Productivity Destination & Partnership Growth Accelerate High-Value Lubricant Growth ▪ High-Return Business Expansion ▪ Destination Experience ▪ Specialty Portfolio Development ▪ Increase Space Utilization ▪ Scalable Partnership / Co-invest
Slide 23: New Portfolio: Bangchak Hong Kong
New Portfolio: Bangchak Hong Kong Strategic Platform for Regional Growth Retail Commercial & Industrial 31 stations Direct fuel supply backed by terminal capacity across Hong Kong Marine Tsing Yi Terminal Leverage Hong Kong's 15 Storage Tanks strategic maritime hub Total capacity 200 M.Liters TODAY
Slide 24: Trading Business Group
INVESTOR FORUM 2026 Securing TODAY I Pivoting TRANSITION I Creating Value for TOMORROW Mr. Nut Pooaree Executive Vice President, Trading Business Group
Slide 25: Trading Business
Trading Business Connecting the Value Chain & Expanding Growth TODAY TRANSITION TARGET 1H2026 2027 2031 7% Crude 2% 1,050 MB 24% ~1,600 MB EBITDA 18% 6% 6% 40% ~5,000 MB 13% 30% Products Logistics EBITDA 50% EBITDA Biofuels & 24% 23% Specialties Portfolio Mix 30% Portfolio Mix (System : External) 27
Slide 26: BCPR Company Limited
INVESTOR FORUM 2026 Securing TODAY I Pivoting TRANSITION I Creating Value for TOMORROW Mr. Komut Maneechai Executive Vice President, BCPR Company Limited
Slide 27: Scaling Competitive Upstream for Energy Security
Scaling Competitive Upstream for Energy Security Low-Cost and High-Efficiency E&P across NCS & SEA STRATEGIC Grow organically & Safe, efficient and Maximize value of Flexible and sustainable OBJECTIVES inorganically reliable operations existing assets portfolio A leading operator of mid- and late-li
Slide 28: BCPG Chief Executive Officer
INVESTOR FORUM 2026 Securing TODAY I Pivoting TRANSITION I Creating Value for TOMORROW Mr. Rawee Boonsinsukh Chief Executive Officer and President, BCPG Public Company Limited
Slide 29: Energy & Utility Infrastructure Platform
Energy & Utility Infrastructure Platform From Power-Led-Portfolio to Integrated Infrastructure Growth TODAY TRANSITION TARGET STRONG FOUNDATION CHALLEGES & OPPORTUNITIES INTEGRATED PLATFORM Hamilton CCGTs Divestment POWER POWER & ENERGY Strong market fundamental in UTILITIES INFRASTRUCTURE U.S. PJM
Slide 30: Chief Financial Officer
INVESTOR FORUM 2026 Securing TODAY I Pivoting TRANSITION I Creating Value for TOMORROW Ms. Phatpuree Chinkulkitnivat Chief Financial Officer and Senior Executive Vice President, Accounting and Finance
Slide 31: Financial Strategies
Financial Strategies Turning Performance into Sustainable Shareholder Value Disciplined execution and capital management to deliver stronger cashflow & sustainable returns LEADING VALUE DISCIPLINED CAPITAL FINANCIAL PORTFOLIO CHAIN INTEGRATION ALLOCATION RESILIENCE OPTIMIZATION Drive safe, reliable
Slide 32: Financial Robust Amidst Volatility
Financial Robust Amidst Volatility Resilience Data as of 30 Jun 2026 Cash(1) Asset Debt(2) EBITDA LTM(3) 29,601 MB 374,755 MB 137,721 MB 63,186 MB Remark: (1)Including S/T investment (2)L/T loans and debentures (included current portion of L/T loans and debentures) and S/T loans from financial insti
Slide 33: Strategic Capital Allocation
Strategic Capital Allocation For Robust Financial Discipline 2026E in Focus CAPEX in Pipeline per Year (during 2027-2031) Total 22,600 mn.THB Unit: Mn.THB 400 9,200 Refinery & Marketing 15,600 400 & Biofuels 2,200 Incl BHK Investment ~9 bn.THB Trading 200 6,000 200 Upstream 3,000 Power and Infrastru
Slide 34: Strengthening EBITDA Growth
Strengthening EBITDA Growth For Long-term Value Creation 120.000 R&M and Bio Trading Upstream Power Others 100.000 Unit : Bn.THB 2X 80.000 60.000 40.4 40.000 4.8 24.8 20.000 5.2 10.2 2.6 3.6 11.6 - 2.9 6.8 2014 2018 2024 2026E 2030E (20.000) FOUNDATION EXPANSION INTEGRATION ACCELERATION BREAKTHROUGH
Slide 35: Agenda
Agenda Securing Pivoting Creating Value for TODAY TRANSITION TOMORROW 35
Slide 36: Group CEO and President
INVESTOR FORUM 2026 Securing TODAY I Pivoting TRANSITION I Creating Value for TOMORROW Mr. Chaiwat Kovavisarach Group Chief Executive Officer and President Bangchak Corporation Public Company Limited
Slide 37: Continuing the Strong Performance Momentum: 2H2026 Outlook
Continuing the Strong Performance Momentum 2H2026 Outlook Refinery , Marketing and Biofuels Business Trading Business Upstream Business Power & Infrastructure Business EBITDA R&M and Biofuels Business EBITDA Unit : (mn.THB) 2-3X Unit : (mn.THB) Liquid Prices Unit : ($/BOE) ~80 Capacity Revenue Unit
Slide 38: Pivoting Transition to Bangchak Strategic Growth
Pivoting TRANSITION to Bangchak Strategic Growth TRADING UPSTREAM POWER & R&M AND BIOFUELS INFRASTRUCTURE Asia Leading Leveraging Physical Strengthen Capture Energy Security VALUE CHAIN Crude & Products Energy Security through geographic INTEGRATOR diversification Accelerating Support Revenue Growth
Slide 39: Superior Shareholder Value Creation
Superior Shareholder Value Creation BCP: TSR Significantly Outperformed Key Market Benchmarks BCP Share price BCP’s TSR +96% Surpassed SET ENERGY and SET50 returns (THB/Share) 60 50 141.7% 40 95.9% 30 67.6% 51.5% 49.1% 40.4% 20 34.3% 33.6% 10 5Y 4Y 3Y 2Y YTD Holding Period (year) 0 Aug-21 Aug-22 Aug
Slide 40: Accelerating Growth toward THB 1 Trillion Revenue
Accelerating Growth toward 100X EBITDA THB 1 Trillion Revenue Revenue (Unit: Mn.THB) Actual Est. 1 Trillion 589,877 183,016 192,025 312,202 144,705 136,450 1H26: 326,080 2014 2016 2018 2020 2022 2024 2026E 2031E BV per Share (Unit: THB) Actual Est. 38.9 43.4 24.2 28.7 31.0 26.5 1H26: 56.79 2014 2016
Slide 41: Elevating From Southeast Asia to the Global Stage
Elevating From Southeast Asia to The Global Stage Fortune Global 500 Navigating to International Ranked #21 Fortune Credit Rating Southeast Asia 500 by 2031 41
Slide 42: Thank You
BANGCHAK CORPORATION PUBLIC COMPANY LIMITED 2098 M Tower Building, 8th Floor, Sukhumvit Road, Phra Khanong Tai, Phra Khanong, Bangkok 10260 Thailand. Tel. +66 2335 8663/ 8662 / 8040 / 4231 Email: ir@bangchak.co.th Corporate Website IR Website THANK YOU
Slide 43: Bangchak's Historical Dividend
Bangchak’s Historical Dividend Dividend Policy: ≥ 30 percent of net profit after deduction of allocation of legal reserve However, this is subject to the economic situation, the Company’s cash flow and investment plans of the Company and its subsidiaries according to the necessary, appropriation and
Slide 44: Historical Performance
Historical Performance Unit: MB Revenue EBITDA R&M and Bio Trading Upstream R&M and Bio Trading Upstream Power Others Oil Price (DB) Power Others Operating GRM 96.3 91.9 18.5 82.1 1,600,000 100.0 20.0 79.6 120,000 14.3 8.0 90.0 6.7 1,400,000 15.0 1,200,000 69.3 69.4 80.0 100,000 4.5 4.1 10.0 1,000,0
Slide 45: EBITDA from Recurring Synergies & Business Improvement
EBITDA from Recurring Synergies & Business Improvement Achieved at THB ~5,600 mn. in 1H/2026 2026 Target 1H/2026 68% Refinery Operations 12% Marketing >7,500 5,600 mn.THB ~7,300 +87% YoY ~฿3,800 mn. THB ~฿650 mn. THB (from 1,400 mn THB in 1H/25) (from 400 mn THB in 1H/25) 15% ~6,000 ✓ Crude full car
Slide 46: EBITDA Structure (Consolidated)
EBITDA Structure (Consolidated) Unit: THB Million Q2/2025 Q1/2026 Q2/2026 QoQ YoY 1H/2025 1H/2026 YoY Total Revenue 125,827 142,528 183,553 29% 46% 260,474 326,080 25% Refinery, Marketing and Biofuels Business Group 1/ 99,605 123,733 144,177 17% 45% 209,446 267,910 28% Trading Business Group 2/ 61,8
Slide 47: Profit and Loss (Consolidated)
Profit and Loss (Consolidated) Consolidated Statement of Income (THB Million) Q2/2025 Q1/2026 Q2/2026 QoQ YoY 1H/2025 1H/2026 YoY Revenue from sale of goods and rendering of services 125,827 142,528 183,553 29% 46% 260,474 326,080 25% Cost of sale of goods and rendering of services (123,084) (115,16
Slide 48: Financial Ratio (Consolidated)
Financial Ratio (Consolidated) Q2/2025 Q1/2026 Q2/2026 1H/2025 1H/2026 Profitability Ratios (%) Gross Profit Margin 2.18% 20.85% 13.56% 4.62% 16.67% EBITDA Margin 2.92% 13.56% 14.71% 6.29% 14.22% Net Profit Margin -2.72% 5.47% 7.47% -0.29% 6.62% Return of Equity (ROE) -3.81% 10.26% 30.94% -3.81% 30.
Slide 49: Q2/2026: Core Profit to BCP (Excluding Extra Items)
Q2/2026: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = 38 MB (after tax net to BCP) 621 12,202 (1) (582) 12,239 Core PAT Inventory & NRV FX Gain One-time items PAT Q2/26 Q2/26 One-Time 100% After Tax Net to BCP OKEA – Impairment asset (2,779) (279) OKEA – Impairment technical goo
Slide 50: 1H/2026: Core Profit to BCP (Excluding Extra Items)
1H/2026: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = 5,228 MB (after tax net to BCP) 6,639 987 (2,397) 18,383 13,155 Core PAT Inventory & NRV FX Gain One-time items PAT 1H/26 1H/26 One-Time 100% After Tax Net to BCP BSRC – Revalued of investment (1,233) (1,784) BCP&BSRC – Impai
Slide 51: Complementary Refinery Portfolio
Complementary Refinery Portfolio 1H/2026 1H/2026 1H/2026 Phra Khanong Refinery Sriracha Refinery Bangchak Group Crude Run (Utilization Rate) 121 KBD (101%) 156 KBD (89%) 276 KBD (94%) 2% 6% LPG 4% 22% 26% 9% 30% MOGAS 9% 9% JET Product Yield 48% HSD 43% 39% 9% UO 4% 10% 11% 10% 1% FO & Intermed 1% 1
Slide 52: Crude Oil Price Outlook
Crude Oil Price Outlook : Crude price move within $70-100/BBL range in 2H26. Crude prices are expected to gradually soften through 2H26 as Strait of Hormuz flows normalize, OPEC+ continues to restore production, and the market shifts toward a more balanced or surplus supply environment Dubai and Dat
Slide 53: Oil Outlook
Oil Outlook Product prices are likely to ease gradually through year-end following the reopening of the Strait of Hormuz, but should remain at healthy levels Singapore Product Cracks Spread Outlook : $/BBL 80 Gas oil 0.001%S - Dubai 71.1 70 ULG95 - Dubai 63.0 Low sulfur Fuel Oil - Dubai 55.3 56.2 60
Bangchak Corporation Public Company — Q2 2026 Earnings Presentation on 6ix