Banpu Public Co. Ltd. · SET:BANPU
Banpu Public — Q2 2026 Earnings Presentation
75 slides from Banpu Public's earnings presentation, Aug 24, 2026
Slide 1: Banpu 2Q26 results
Banpu 2Q26 results Investor and analyst update 24th August 2026
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation is intended solely for your reference. This presentation contains “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of
Slide 3: Focus Section: Banpu 2030
01 FOCUS SECTION: Banpu 2030 2Q26 I Results Presentation 3
Slide 4: Banpu NewCo: successful amalgamation
Banpu NewCo: successful amalgamation Unlock Value enabling growth platforms across business pillars and leaner governance from simplified structure. (NEWCO) Greater focus Amalgamation from business consolidation with : 31 Jul 2026 Swap Ratio : 1 : 0.38242 1 : 0.80208 completion: potential synergy re
Slide 5: Banpu: our vision and mission
Banpu: our vision and mission OUR VISION OUR MISSION “ To create reliable and responsible energy, “ To orchestrate energy resources and power solutions through intelligent innovation moving the world forward.” and a people-driven culture for a better future.” “สร้างสรรค์พลังงานที่ “ผสานทรัพยากรพลังง
Slide 6: Banpu: committed to our 2030 targets
Banpu: committed to our 2030 targets ENERGY SYMPHONICS : S T R A T E G I C T A R G E T S EBITDA GROWTH DIVERSIFICATION DECARBONIZATION >1.5x EBITDA >50% EBITDA >20% reduction 2030 EBITDA from non-coal related businesses by 2030 Scope 1 and 2 GHG emissions by 2030 2Q26 I Results Presentation 66
Slide 7: Banpu strategy 2030: bridging the gap between energy and AI
Banpu strategy 2030: bridging the gap between energy and AI U.S. CLOSED-LOOP GAS FUTURE TECH & CVC Scale reliable gas-fired power capacity Position as a pioneer in AI-based technologies to support growing compute demand, by exploring technologies across the AI stack partnering with leading data cent
Slide 8: Banpu strategy 2030: Energy Symphonics
Banpu strategy 2030: Energy Symphonics GROWTH RESILIENCE INTELLIGENCE Expanding the world's energy Prepare to weather any scenario, ▪ High-Performance Culture capacity, responsibly, pioneering with discipline & adaptability. ▪ Organization Intelligence the energy of tomorrow. ▪ AI Native Capabilitie
Slide 9: Banpu: growth pipeline and opportunities
Banpu : growth pipeline and opportunities INDICATIVE & ILLUSTRATIVE ONLY(1) 2025 2026 2027 2028 2029 • Amalgamation Completion • EGM to approve: (1) Interim dividend 0.40 THB/share; and (2) Issuance of Debentures in an aggregate principal amount not exceeding THB 80,000 Million. ▪ CCUS JV CCUS: +122
Slide 10: Financial Summary
02 Financial Summary 2Q26 I Results Presentation 10
Slide 11: Banpu 2Q26 highlights
Banpu 2Q26 highlights KEY FINANCIAL METRICS Sales Revenue CORPORATE GOVERNANCE & ESG EXCELLENCE $1,438M Driven by strong contributions from U.S. Closed-loop Gas A AAA ASEAN Asset Dow Jones Best Rating Rating Class since 2024 in Class (DJ BIC) Indices EBITDA For 12th consecutive years since 2014 $327
Slide 12: Sales revenue – 2Q26
Consolidated financials: FINANCIALS Sales revenue – 2Q26 SALES REVENUE FROM OPERATIONS TOTAL SALES REVENUE (EXCLUDING HEDGING) Unit: US$ M % CHANGE Unit: US$ M QoQ YoY QoQ YoY +7% +16% 1,396 1,391 +0% +15% 1,438 1,212 17 17 Future Tech 1,340 193 Power+ 17 13 2 315 -1% +36% 1,237 17 -39% -42% 193 335
Slide 13: Consolidated EBITDA – 2Q26
Consolidated financials: FINANCIALS Consolidated EBITDA – 2Q26 % CHANGE CONSOLIDATED EBITDA, BY QUARTER Unit: US$ M QoQ YoY +22% +8% Others (Head Office) 327 303 NA NA 269 32 8 Future Tech(1) 48 70 NA +284% 86 Power+(2) 79 123 -31% -44% 63 U.S. Closed-loop Gas(3) 19 65 14 +56% +97% 34 19 6 Next-gen
Slide 14: NPAT – 2Q26
Consolidated financials: FINANCIALS NPAT– 2Q26 1Q26 NET PROFIT AFTER TAX Non-recurring items: 2Q26 NET PROFIT AFTER TAX Unit: US$ M Net FX gain / (loss), net tax Other non-recurring $80.6 M ($67.8 M) Unit: US$ M 269 Derivative gain / (loss) $52.9 M ▪ Realized financial derivatives $5.0 M Non-recurri
Slide 15: Financial Strategy
Consolidated financials: Financial Strategy K EY F I NANCIAL S TR ATEGY K EY TA R G E T S Sustainable shareholder value maximization Disciplined capital allocation Prioritize capital toward value-accretive growth Baseline opportunities, while actively optimizing the EBITDA GROWTH portfolio and reall
Slide 16: U.S. Closed-loop Gas
03 U.S. Closed- loop Gas 2Q26 I Results Presentation 16
Slide 17: U.S. Closed-loop Gas: Gas-Power-CCUS
U.S. Closed-loop Gas: Gas-Power-CCUS Molecules → Megawatts → Carbon Capture → Higher $/Mcfe NATURAL GAS PRODUCTION • Largest Barnett Producer: 10.7% 1-year decline rate(1) & ~6 Tcfe(1) of reserves POWER GENERATION • 1.5 GW of operating CCGT assets (2) in Texas with a phased approach to multi-GW scal
Slide 18: U.S. Closed-loop Gas: 2Q26 highlights
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS 2Q26 highlights Our gas assets offer a differentiated platform with significant growth potential Average local price (2) Gas Upstream Midstream Gas-Fired Power CCUS $2.58/Mcfe -28% QoQ Pennsylvania Marcellus Shale Sales volume 0.6 Tcfe 1P reserves (1) GAS 8
Slide 19: 2Q26 operational performance
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS 2Q26 operational performance NATURAL GAS PRODUCTION POWER GENERATION 62% 70% QoQ: +13% Gas Sales Volumes 59% YoY: +19% Unit: Bcfe(1) Capacity factor (%) $3.58 Average $2.82 $2.58 local price 94% Equivalent 90% 87% QoQ: +8% 83 89 availability YoY: +4% 74 fac
Slide 20: 2Q26 financial performance
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS 2Q26 financial performance TOTAL REALIZED REVENUE(1) +116% +37% EBITDA(2) +125% +49% Unit: US$ M YoY QoQ Unit: US$ M YoY QoQ 464 339 295 Upstream 215 Gas & CCUS 142 95 259 63 Upstream 111 Gas & CCUS 215 169 Power 86 63 80 31 Power (3,4) 9 2Q25 1Q26 2Q26 2Q2
Slide 21: Natural gas: largest producer in Barnett
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS Natural gas: largest producer in Barnett HIGHLY CONTIGUOUS POSITION, OPPORTUNITIES FOR GROWTH Gross Operated Production of Top Barnett Producers(2) Unit: Mmcfe/d BKV Acreage BKV (Bedrock) Peer 2 Leading natural gas producer in Barnett and top 20 in the US P
Slide 22: 2Q26 U.S. natural gas market update
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS 2Q26 U.S. natural gas market update U.S. NATURAL GAS CONSUMPTION U.S. NATURAL GAS PRODUCTION U.S. STORAGE LEVEL Unit: Bcf/d Unit: Bcf/d 2025 actual production 2026 forecasted production Unit: Bcf Residential Commercial Industrial Power Other Storage 5yr - h
Slide 23: U.S. power market: Texas emerges as a primary growth market
U.S. Closed-loop Gas: U.S. power market: Texas emerges as a primary growth market with BKV positioned at the center of ERCOT data center growth OUTLOOK: U.S. POWER DEMAND IS ENTERING A STEP-CHANGE (1) ERCOT New Large Load Center (MW) AI and data center growth driving significant incremental load BKV
Slide 24: Building momentum in our power strategy
U.S. Closed-loop Gas: Building momentum in our power strategy U.S. CLOSED-LOOP GAS Building momentum in our power strategy Maximizing Texas Gas-Fired Power value from Total existing assets Asset COD capacity TEMPLE I 2014 768 MW CURRENT CAPACITY TEMPLE II 2015 755 MW 1.5 GW TEMPLE I & II: EXPANSION
Slide 25: CCUS Business: Progress and development
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS CCUS Business: Progress and development ANN. FORECASTED PROJECT PROJECT INJECTION VOLUME(1) (ktpa avg CO2e) OWNERSHIP PROJECT DETAILS 2028 TARGET : 1.5 Mtpa CO2e injection Barnett Zero Partner : Map of CCUS Assets: A Bridgeport, Texas 183 CO2 Source : NGP(3
Slide 26: Next-Gen Mining
04 Next-Gen Mining 2Q26 I Results Presentation 26
Slide 27: Next-Gen Mining: 2Q26 highlights
Next-Gen Mining: 2Q26 highlights NEXT-GEN MINING MAP OF MINING OPERATIONS(1) Mongolia Tsant Uul Production volume Reserves: 64 Mt 10.4 Mt +6% QoQ China Gaohe and Hebi Reserves: 114 Mt (CV: 6,500 – 7,000 kcal/kg) Sales volume(2) Indonesia ITM 11.3 Mt +3% QoQ Reserves: 362 Mt (CV: 5,950 – 6,250 kcal/k
Slide 28: Group coal sales
Next-Gen Mining: Coal Sales (3) Pricing Status Group coal sales NEXT-GEN MINING Indonesia Coal Sales Source(1) : Destination Analysis, 2026e 2026e 13.7 Mt Indicative Coal Sales 6.9 Mt Indexed Fixed 25% 0.7 Mt 66% 6.3 Mt 6.8 Mt S Korea 1.4 Mt 28.2 4.9 Mt China 0.8 Mt Japan Mt Unsold 0.5 Mt 0.4 Mt 9%
Slide 29: Mining operational summary
Next-Gen Mining: Mining operational summary Next-Gen. MINING ROM Production and Key Updates Indonesia Coal Australia Coal Australia Coal ▪ Total ROM production for 2Q26 was ▪ 2Q26 production reached 5.3 1.7 Mt, decreasing 5% QoQ and 32% 2026 target: 22.0 - 22.5 Mt 2026 target: 8.0 Mt Mt, increase 13
Slide 30: Mining cost summary
Next-Gen Mining: Mining cost summary Next-Gen. MINING Average Total Cost Breakdown Indonesia Coal(1) Australia Coal ▪ 2Q26 average cost was A$159/t, higher QoQ driven by lower Unit: US$/t Unit: A$/t ROM production (4.6%) with ▪ 2Q26 average cost (excl. Springvale on LW relocation 73 63 66 70 70 roya
Slide 31: Global thermal coal market
Next Gen Mining: Demand trends Global thermal coal market Thermal coal demand softened after pre-summer restocking, as monsoon rains weighed on coal burn amid elevated coal inventories. However, summer heatwaves and LNG supply uncertainty from renewed Middle East conflict COAL DEMAND AND SUPPLY CHAN
Slide 32: Next-Gen Mining
Next-Gen Mining Resource Optimization: Value creation, operation improvement and cost AI integration and digitalization for Decarbonization and energy efficiency improvements through smart mining operations reduction programs renewables and smart mgmt. the portfolio INDONESIA AUSTRALIA CHINA & MONGO
Slide 33: Power+
05 Power+ 2Q26 I Results Presentation 33
Slide 34: Banpu Group Total Power Portfolio
Banpu Group Total Power Portfolio: 4,946 MW committed capacity 3,935 MW committed thermal equity capacity CHINA ▪ 548 MWe CHP (618 MWe gross) ▪ 396 MW SLG IPP JAPAN ▪ 57.6 MW RE 1,011 MW (1,320 MW gross) Renewables Capacity ▪ 408 MWh BESS ▪ 363.4 MW RE ▪ 20 MWh BESS (514 MWh gross) 556 MW Solar Powe
Slide 35: Thermal Power: 2Q26 updates
Thermal Power: POWER+ 2Q26 updates THAILAND LAOS CHINA CHINA BLCP 717 MWe HPC 751 MWe CHP 548 MWe SLG 396 MWe Shareholding: Shareholding: Shareholding: Shareholding: Banpu Coal Power (50%), Banpu (40%), RATCH (40%), Lao ▪ Luannan: BPIC 100% BPIC (30%), Gemeng Intl Energy (35%), EGCO (50%) Holding St
Slide 36: Renewables: 2Q26 updates
Renewables: POWER+ 2Q26 updates China Solar Vietnam Solar & Wind China Solar – Latest Development Lower power sold due Nhon Hai Solar & to lower irradiation. El Wind Mui Dinh Jinhu Qianfeng Solar Farm Power sold 49 GWh Power sold decreased mainly (-11% YoY) ▪ Integrated aquavoltaic project due to lo
Slide 37: BESS Portfolio Overview
Battery Energy Storage System (BESS): POWER+ BESS Portfolio Overview TOTAL COMMITTED CAPACITY: PROJECT INFORMATION 2,340 MWh A Iwate Tono Tono, Japan F Nikko Tochigi, Japan (Operating capacity: 58 MWh) Capacity: 15 MW | 58 MWh Capacity: 40 MW | 160 MWh Ownership: 75% BJP, 25% Global Engineering Owne
Slide 38: Energy Trading: 2Q26 updates
POWER+ Energy Trading: 2Q26 updates TRADING PERFORMANCE RECENT DEVELOPMENTS QoQ: +15% Long-term trading Electricity sales (GWh) 1,630 GWh YoY: +8% ▪ Focus more on shorter terms (quarter and seasonal deals) and swap between physical and derivatives to ensure lock-in profit. 1,505 1,800 ▪ Periodically
Slide 39: Future Tech
06 Future Tech 2Q26 I Results Presentation 39
Slide 40: Future Tech Portfolio
Future Tech Portfolio BANPU NEXT DELIVERS ‘NET ZERO DISTRIBUTED NET-ZERO SOLUTIONS CONSULTATION’ TO ADVANCE Solar Rooftop Energy Efficiency AOTGA’S SUSTAINABILITY GOAL Cooling Energy Energy solutions Mgmt. Efficiency Banpu NEXT supports the Airports of Thailand Ground Aviation Services Co., Ltd. (AO
Slide 41: Corporate Venture Capital: 2026 focus
Corporate Venture Capital: FUTURE TECH 2026 focus 16 2026 FOCUS AREAS & INVESTMENT STRATEGY VC / PE Strategic Synergies: 1 2 Value Enhancement: investments To strengthen Banpu’s value by By driving sustainable value creation linking to energy demand, and improving returns through expanding along the
Slide 42: Appendix I General
Appendix I General 2Q26 I Results Presentation 42
Slide 43: Banpu group: diversified portfolio across the energy value chain
Banpu group: diversified portfolio across the energy value chain Mongolia China Japan United States of America VERSATILE ENERGY COMPANY Laos Thailand Expand the world’s energy Vietnam capacity, responsibly. Indonesia NEXT-GEN MINING POWER+ FUTURE TECH New S-Curve in Mining Thermal Power Energy & Bey
Slide 44: Uplift financial statements through Amalgamation
Uplift financial statements through Amalgamation Net Profit to Owners Post-deal Equity Attributable to Owners (US$M) of the Parent, 2025 (US$M) Post-Deal 192 BPP Equity + 32 3,620 120 Pre-Deal 160 +6 + 13 (24) (61) 3,500 (18) (48) 2023 2024 2025 Net Profit Margins 3.7% (0.3%) (0.9%) (%) +0.6% +0.1%
Slide 45: ESG leadership and credit rating recognition
Banpu: ESG leadership and credit rating recognition BANPU ESG RATINGS CREDIT RATINGS A Awarded 4.0 81/100 A+ Credit rating rating for demonstrating since 2014 in the FTSE Russell ESG in the EcoVadis with a ‘stable’ outlook on the Recognized as a company and senior unsecured resiliency towards long-
Slide 46: Decarbonization: progressing towards 20% emissions reduction by 2030
Decarbonization: progressing towards 20% emissions reduction by 2030 DECARBONIZATION TARGET GHG reduction from Expanding low-carbon exiting operations business and tech >20% reduction* portfolio Scope 1 and 2 GHG emissions by 2030 BIOMASS CO-FIRING IN CHINA NET ZERO BY 2050 CCUS 24,309 tCO2e GHG red
Slide 47: Environmental stewardship and commitment to the SDGs
Banpu ESG: Environmental stewardship and commitment to the SDGs • >30% women in • 4.8% reduction in • 5% reduction in management freshwater total nonrenewable positions consumption intensity energy • >5% women in for mining business consumption STEM-related • Maintain freshwater • Coal-related posit
Slide 48: 'Integrated energy solutions' in 2Q26
Banpu: ‘Integrated energy solutions’ in 2Q26 U.S. CLOSED-LOOP GAS POWER+ CCUS BESS Rooftop & Floating Solar 138 kt CO2e 1,534 MW 337 MW Committed capacity Committed capacity Injection in 2025 Utility-scale Renewables Electricity trading 6M26 674 MW 3,045 GWh Committed capacity Shale Gas 978 MMcfed*
Slide 49: Appendix II Operational
Appendix II Operational ▪ U.S. Closed-loop Gas ▪ Next-Gen Mining ▪ Power+ ▪ Future Tech 2Q26 I Results Presentation 49
Slide 50: 2026 indicative guidance for Gas & CCUS Business
U.S. Closed-loop Gas: 2026 indicative guidance for Gas & CCUS Business ILLUSTRATIVE AND INDICATIVE ONLY UNIT GUIDANCE FOR GAS BUSINESS (US$/MCFE) COMMENTS REVENUE Net production (Mmcfd) 915-955 COSTS Lease operating and workover $0.49 - $0.53 Main component of operating costs GCP&T (below the line)
Slide 51: Healthy gas price outlook in 2026-2027
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS Healthy gas price outlook in 2026-2027 Comments U.S. Rig Count vs Henry Hub Price U.S. oil and natural gas rig count Henry hub spot price ▪ US rig counts increased to 565 rigs at the end of Unit: rigs Unit: $/MMBtu 2Q26 with 125 gas-focused rigs and 440 oil
Slide 52: U.S. Power Outlook
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS U.S. Power Outlook ERCOT North Hub Power Demand and Price Comments Unit: US$ / MWh Unit: MW 60 70,000 ▪ ERCOT wholesale power prices averaged $32.25/MWh in 2Q26. The EIA forecasts prices to increase to $35– 60,000 $40/MWh in 2H26, driven by higher 50 summer
Slide 53: U.S. Power: performance highlights
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS U.S. Power: performance highlights TEMPLE I & II Capacity factor (%) Financial results ($M)(2) 1,523 MWe 62% 70% QoQ: +13% Profit from Operation 59% YoY: +19% (included Realized gain (loss) on derivatives) Temple I and II are combined-cycle Unrealized gain
Slide 54: Appendix II Operational
Appendix II Operational ▪ U.S. Closed-loop Gas ▪ Next-Gen Mining ▪ Power+ ▪ Future Tech 2Q26 I Results Presentation 54
Slide 55: Quarterly output summary
Banpu Coal: Quarterly output summary AUSTRALIA OPERATIONS: COAL OUTPUT (MT) – ROM OUTPUT ON 100% BASIS Mines CV (kcal/kg) 4Q25 1Q26 2Q26 3Q26e Western operations 1.1 1.1 0.8 1.5 Springvale 6,700 0.8 0.7 0.4 1.0 Clarence 6,700 0.2 0.3 0.3 0.4 Airly 6,700 0.1 0.1 0.1 0.1 Northern operations 1.0 0.7 0.
Slide 56: Banpu Australia Coal: Quarterly ROM output
Banpu Australia Coal: Quarterly rom output Total ROM (Mt) 2.5 2.5 2.1 1.8 0.9 1.9 1.0 1.7 NORTHERN 1.5 1.3 1.0 0.7 1.0 0.3 0.9 1.0 1.5 1.6 WESTERN 1.0 1.1 1.1 0.9 0.6 0.7 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 2025 2026 LW move Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Slide 57: China Coal Outlook: Coal imports recover
China Coal Outlook: Coal Imports recover amid domestic supply constraints CHINA THERMAL COAL IMPORTS/EXPORTS* 2Q26 ▪ China’s economy slowed in 2Q26, with GDP growth easing to 4.3% YoY from 5.0% in Unit: Mt 1Q26. Economic activity remained mixed, as weaker retail sales, declining fixed-asset Quarterl
Slide 58: India Coal Outlook: Strong domestic output curtails imports
India Coal Outlook: Strong domestic coal output curtails imports INDIA THERMAL COAL IMPORTS* 2Q26 Unit: Mt ▪ India’s coal-fired power generation reached approximately 352.6 TWh in 2Q26, up about 8.3% YoY, as extended heatwaves and a below-normal monsoon lifted power demand while hydropower output de
Slide 59: Appendix II Operational
Appendix II Operational ▪ U.S. Closed-loop Gas ▪ Next-Gen Mining ▪ Power+ ▪ Future Tech 2Q26 I Results Presentation 59
Slide 60: China CHPs: operational performance
China CHPs: operational performance . Electricity sold (GWh) QoQ: -66% Tariff (RMB/KWh) QoQ: +19% YoY: -17% YoY: +0% Asset Information: In 2006, Banpu Power Investment Co., 341 Ltd. (BPIC) invested into 3 combined heat and power plants in China with total of 116 548 equity MWe at present. 0.44 0.44
Slide 61: China CHPs: consolidated financial performance
China CHPs: consolidated financial performance . Unit: RMB M Total Revenue EBITDA Profit Contribution to Banpu Based on 100% interest Based on 100% interest Based on Banpu’s 100% interest for Luannan Unit: RMB M Unit: RMB M and Zhengding; and 70% for Zouping Unit: RMB M QoQ: -52% QoQ: -87% QoQ: -107
Slide 62: SLG: operational & financial performance
SLG: operational & financial performance . Operational Performance Financial Performance Asset Information: QoQ: +6% QoQ: -37% Coal price (RMB/t) YoY: +7% Total Revenue (RMB M) YoY: -8% Commissioned in 2021, SLG is a high efficiency coal-fired power plant that utilizes best of class technology to si
Slide 63: HPC: operational performance
HPC: operational performance . Operational Performance Financial Performance Asset Information: QoQ: +6.2% Total Revenue (THB M) QoQ: +12.9% Net generation (GWh) YoY: -6.6% YoY: -15.8% Based on 100% interest HPC is a lignite mine mouth power plant that commissioned between 2015 and 2016, making it L
Slide 64: BLCP: operational performance
BLCP: operational performance . Operational Performance Financial Performance Asset Information: QoQ: +35% Net generation (GWh) QoQ: +28% Total Revenue (THB M) YoY +2% BLCP is a coal-fired power plant YoY: -0.4% Based on 100% interest located in Map Ta Phut Industrial estate, Rayong with Unit 1 and
Slide 65: Maintenance schedule for 2026
Maintenance schedule for 2026 Major maintenance Minor maintenance POWER PLANT 1Q26 2Q26 3Q26 4Q26 BLCP U2 U1 ▪ Unit 1 on minor inspection for 18 days 38 days 18 days (23 Aug 2026 – 9 Sep 2026) ▪ Unit 2 on major inspection for 38 days (1 Jan 2026 – 7 Feb 2026) HPC U2 U3 U1 ▪ Unit 1 on yearly maintena
Slide 66: Maintenance schedule for 2026
Maintenance schedule for 2026 Major maintenance Minor maintenance POWER PLANT 1Q26 2Q26 3Q26 4Q26 SLG U2 U1 ▪ Unit 1 on C-class maintenance for 35 days in 3Q-4Q 35 days 35 days ▪ Unit 2 on B-class maintenance for 35 days in 2Q CHP LUANNAN U3 U2 U1 U4 ▪ Unit 3 on A-Class maintenance 30 days in 1Q 30
Slide 67: Appendix III Financial
Appendix III Financial 2Q26 I Results Presentation 67
Slide 68: Balance sheet – 2Q26
Banpu consolidated financials: Balance sheet – 2Q26 2Q26 CONSOLIDATED FINANCIAL POSITION DEBT FX STRUCTURE GEARING RATIOS Unit: US$ M Net debt / Equity(1) (x) CASH EQUIVALENT RMB Float 1,736 IDR Float AUD Float 1% 1% 4% THB Float 0.79x 0.98x 0.94x 1.00x TOTAL BORROWINGS 10% 7,410 2024 2025 1Q26 2Q26
Slide 69: FX impact analysis guidance on P&L
Banpu: FX impact analysis guidance on P&L CURRENCY EXPOSURE NPAT IMPACT 2Q26 (US$M) APPROXIMATE FX EXPOSURE (US$M) NPAT 5% SENSITIVITY 3Q26 (US$M) Assuming 5% depreciation of local Net liability Net asset currencies against USD -3,100 THB 137 ▪ BOT revised forecast 2026 Banpu: AUD asset, GDP at 2.3%
Slide 70: EBITDA breakdown
Banpu group: EBITDA breakdown 1,326 1,191 Unit: US$ M 269 327 GROUP 2024 2025 1Q26 2Q26 U.S. CLOSED-LOOP GAS(1) NEXT-GEN MINING POWER+ FUTURE TECH & CVC Indonesia Coal Gas-Fired Power(2) (Group) Others Renewables & BESS 290 590 54 88 32 228 394 76 126 -11 -13 65% 32 14 -25 -27 -48 79 123 102 103 202
Slide 71: Net debt breakdown
Banpu group: Net debt breakdown Unit: US$ M 5,274 5,443 5,362 5,674 & holding companies 3Q25 4Q25 1Q26 2Q26 65% Indonesia Coal 100% Australia Coal 100% Mongolia Coal 100% Australia Power 100% Power+ 100% U.S. Closed-loop Gas A$ M A$ M 0 897 908 758 827 (3) (1) (2) 420 231 207 313 370 333 373 249 62
Slide 72: Operating profit – 2Q26
Banpu consolidated financials: Operating profit – 2Q26 US$ M 2Q26 1Q26 2Q25 QoQ% YoY% Total Sales Revenues 1,438 1,340 1,237 7% 16% Sales revenue – Next Gen Mining 785 689 659 14% 19% Sales revenue – US Closed-Loop Gas 443 321 215 38% 106% Sales revenue – Power+ 193 313 350 -38% -45% Sales revenue –
Slide 73: Operating profit – 2Q26
Banpu consolidated financials: Operating profit – 2Q26 US$ M 2Q26 1Q26 2Q25 QoQ% YoY% Gross profit 318 310 253 3% 26% GPM 22% 23% 20% SG&A (170) (164) (141) Royalty (74) (73) (70) Income from associates 38 35 49 Other income and Dividend 55 1 35 Mining property (10) (9) (11) EBIT 158 99 116 59% 37%
Slide 74: Net profit
Banpu consolidated financials: Net profit – 1Q26 US$ M 2Q26 1Q26 2Q25 QoQ% YoY% EBIT 158 99 116 59% 37% Interest expenses (91) (89) (88) Financial expenses (7) (5) (4) Income tax (core business) (18) (32) (22) Minorities (31) (32) (20) Net profit before extra items 10 (60) (18) NA NA Non-recurring i
Slide 75: Banpu
N BANPU Expand the world’s energy capacity, responsibly