Thai Vegetable Oil Public Co. Ltd. · SET:TVO
Thai Vegetable Oil Public — Thai Vegetable Oil PCL — Q2 2026 Earnings Presentation
49 slides from Thai Vegetable Oil Public's earnings presentation, Aug 27, 2026
Slide 1: Q2 2026 Earning Call
Q2 2026 Earning Call 27 August 2026 p r e s e n t e d b y : T h a i V e g e t a b l e O i l P C L 2Q 2026 Opportunity Day 1
Slide 2: Disclaimer
Disclaimer "The information contained in this presentation is provided exclusively for your personal reference. Additionally, this presentation includes projections and forward-looking statements that express our current expectations regarding future events and financial performance. These views are
Slide 3: Agenda
Agenda Recap Outlook Financial Performance Jump update Q&A 2Q 2026 Opportunity Day 3
Slide 4: Q2 2026 Key Highlights
© Q2 2026 Key Highlights Ail ©) [eal Ei G [eat] Sales Gross Profit Net Profit 8,284 1,134 877 Million THB Million THB Million THB A 24.4% YoY A 5.8% YoY A 35.4% YoY 2Q 2026 Opportunity Day 4
Slide 5: Recap
Recap 2Q 2026 Opportunity Day 5
Slide 6: TVO at a Glance
TVO at a Glance Operating three production facilities in Nakhon Pathom The company operates in the "Thai Vegetable Oil Public manufacturing and distribution Company Limited (TVO) Province with a combined crushing capacity of 7,000 of products across domestic was established in 1967 and international
Slide 7: Revenue Structure
Revenue Structure 50,000 39,107 40,000 34,195 18% 30,596 30,000 22% 27,793 18% Export and others 16% 20,000 56% 16,011 Soybean Meal 59% 59% 52% 14% Soybean Oil 10,000 53% 26% 23% 32% 19% 33% 0 2022 2023 2024 2025 1H2026 Breakdown by product Breakdown by Channel Animal Feed Soybean Oil Export Industr
Slide 8: TVO Business Overview
TVO Business Overview Animal Food Ingredient 2Q 2026 Opportunity Day
Slide 9: Distribution Channel of TVO's animal feed ingredient product
updated Distribution Channel of TVO’s animal feed ingredient product Feed Miller Livestock Farms 2Q 2026 Opportunity Day 9
Slide 10: Domestic Soybean Meal Source
Domestic Soybean Meal Source Soybean meal produced by local crusher accounts for 40% of the total supply in the country. 60% Import (~3 mil. tons/year) 40% Local Crushers (~2 mil. tons/year) 2Q 2026 Opportunity Day 10
Slide 11: Driving Growth from the strength of Thailand's protein and animal feed industry
Driving Growth from the strength of Thailand’s protein and animal feed industry. Source: TFMA, Department of Livestock Development 2Q 2026 Opportunity Day 11
Slide 12: TVO Business Overview: Edible Vegetable Oil
TVO Business Overview Edible Vegetable Oil 2Q 2026 Opportunity Day
Slide 13: 2Q 2026 Opportunity Day
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Slide 14: 2Q 2026 Opportunity Day
2Q 2026 Opportunity Day
Slide 15: Thailand's Consumer Soybean Oil Market
Thailand’s Consumer Soybean Oil Market Soybean oil has a market share of 24% of “Angoon” Soybean Oil dominates the Soybean oil the total Thai edible oil market. market in Thailand with a market share of 60% Thai edible oil Thai soybean oil market share Others market share 16% Palm Oil 72% Soybean Oi
Slide 16: Edible Vegetable Oil Markets
Edible Vegetable Oil Markets Domestic Industrial Exports Exports Food Industries Non-Food Industries ▪Canned Tuna ▪Paint Industry ▪Salad oil ▪Raw Materials ▪Chili Paste ▪Fried Food 2Q 2026 Opportunity Day 16
Slide 17: 2Q 2026 Opportunity Day
ORY GOOD HEALTH GREAT TASTE 2Q 2026 Opportunity Day
Slide 18: Outlook
Outlook 2Q 2026 Opportunity Day 18
Slide 19: Soybeans market key drivers
SOYBEANS 2 é e < < a a oe 22 -~ MARKET KEY DRIVERS 4 #24 Oo 2] WEATHER (STRONG EL NINO) ENERGY VOLATILITY + U.S. & SOUTH AMERICA CROP 2Q 2026 Opportunity Day ® 19
Slide 20: El Niño is strengthening, with a greater than 90% chance of a very strong event
El Niño is strengthening, with a greater than 90% chance of a very strong event during the Northern Hemisphere fall and winter 2026-27. Source: CPC 2Q 2026 Opportunity Day
Slide 21: Strong El Niño Raises Global Crop Supply Risks in 2026/27
Strong El Niño Raises Global Crop Supply Risks in 2026/27 2Q 2026 Opportunity Day 21
Slide 22: Next big developments in G&O Markets
1} Next big developments in G&O Markets ® |= U.S. Planting 26/27 [ ak Harvest © _ Brazil Planting 26/27 Q = Argentina Planting 26/27 3Q26 — AQ26————s«iQ27 2Q27 Fe 17-20 Aug Pro Farmer Crop Tour | 11Sep Wh 2Q 2026 Opportunity Day
Slide 23: Expected soybean's yield slightly declined due to recent crop condition
Expected soybean’s yield slightly declined due to recent crop condition. 2026/27 U.S. Yield Aug 12th, 2026 (bushel/acre) Aug Low Avg. High Jul Soybeans 52.7 52.0 52.9 53.5 53.0 Source: USDA Actual VS Trade Est. Higher In range Lower 2Q 2026 Opportunity Day 23
Slide 24: US soybean crop condition 2025/26
US soybean crop condition 2025/26 (% Good+Excellent) 2026 Trade est. 5Y AVG As of 16 Aug 2025 61% 61% 62% 2Q 2026 Opportunity Source: Day USDA24
Slide 25: US weather risk is still here before harvesting
US weather risk is still here before harvesting. (Source: CPC) 2Q 2026 Opportunity Day 25
Slide 26: U.S. Ending Stock and Stock to Use ratio are tighter
U.S. Ending Stock and Stock to Use ratio are tighter than the previous crop. 2Q 2026 Opportunity Day 26
Slide 27: El Niño Creates Contrasting Weather Risks Across Brazil's Key Soybean Regions
El Niño Creates Contrasting Weather Risks Across Brazil’s Key Soybean Regions 2Q 2026 Opportunity Day
Slide 28: Brazil's 2026/27 Soybean Crop Could Reach a New Record
Brazil’s 2026/27 Soybean Crop Could Reach a New Record, but Forecasts Remain Wide 2Q 2026 Opportunity Day 28
Slide 29: Expected world ending stocks slightly declined from the previous year
Expected world ending stocks slightly declined from the previous year, and South America's crop must still be watched closely. updated 2Q 2026 Opportunity Day 29
Slide 30: Indonesia Palm Oil: Weather Risk Outlook 2026/27
Indonesia Palm Oil: Weather Risk Outlook 2026/27 <9) BMKG signals drier conditions and lower production potential © Figure 1. Projection of Water Availability for Crops BMKG crop water outlook shows water deficits emerging from Oct 2026 Most exposed areas: Southern Sumatra and Kalimantan Drought las
Slide 31: History Shows Major El Niño Events Can Temporarily Disrupt Palm Oil Yields
History Shows Major El Niño Events Can Temporarily Disrupt Palm Oil Yields Source: USDA 2Q 2026 Opportunity Day
Slide 32: Strong El Niño Set to Impact Crop 2026/27
STRONG EL NINO SET TO IMPACT CROP 2026/27 wer Production & Ending Stocks in Malaysia and Indonesia Support a Sey SINDONESIZ: @ STRONG EL Nifio 2025/26 2026/27 i (2025/26 (2026/27 2024iee (Forecast) (Forecast) = BCHEE mampact g0zNee) (Forecast) (Forecast) Production 52,530 Production 19,460 (1,000 Mp
Slide 33: Geopolitical Tensions Keep Crude Oil Volatile and Add Upside Risk to Vegetable Oils
Geopolitical Tensions Keep Crude Oil Volatile and Add Upside Risk to Vegetable Oils 2Q 2026 Opportunity Day
Slide 34: Indonesia's B50 Mandate Shakes Palm Oil Market
a BIOFUEL POLICY UPDATE Indonesia’s B50 Mandate Shakes Bold policy launch redirects: supply and stirs global prices POLICY SHIFT What changed? B40 B50 Current » New Mandate ve] Blend mandate raised from B40 to B50 a Programme launched u last week Goal: reduce reliance on imported diesel Businesses c
Slide 35: RFS Set drives a step-change in biomass-based diesel demand
RFS Set 2 drives a step-change in biomass-based diesel demand and structurally lifts U.S. soybean oil consumption. °*@ U.S. Biofuel Policy % C1) rN EPA's final RFS ‘Set 2’ rule (published Apr 1, 2026; 2) Biodiesel / renewable diesel production and use Tr __ effective Jun 15, 2026) sets record biomas
Slide 36: China's New-Crop Buying Provides Strong Support for U.S. Soybean Demand
China’s New-Crop Buying Provides Strong Support for U.S. Soybean Demand 5.7 mMT 11.9 6.2 mMT THAI VEGETABLE OIL PCL THAI VEGETABLE OIL PCL 2Q 2026 Opportunity Global 36 ทีม่ า: USDA, S&PDay
Slide 37: Key Takeaways
KEY TAKEAWAYS & ay & El Nifio to impact crop outlook in 2026/27 El Nifio is strengthening into late 2026-early 2027, increasing weather and 447 production risks across major soybean and palm oil regions. Tightening supply outlook for soybeans ¢ U.S. soybean yield expectations have softened and endin
Slide 38: Financial Performance
Financial Performance 2Q 2026 Opportunity Day 38
Slide 39: Revenue, Gross Profit & GPM, Net Profit & NPM
Unit: MB updated +7.2% QoQ Unit: MB +18.5% 18,000 16,011 YoY 16,000 14,000 +24.4% YoY 13,515 7,727 8,284 12,000 10,000 8,000 6,660 6,000 4,000 2,000 Revenue - 2Q2025 1Q2026 2Q2026 1H2025 1H2026 Unit: MB updated +36.2% QoQ Unit: MB -0.4% YoY +5.8% YoY 16.1% 10.8% 13.7% 14.6% 12.3% 7,000 20% 6,000 10%
Slide 40: Current Ratio, D/E Ratio, ROA, ROE
Current Ratio (x) D/E Ratio (x) 4.5 4 3.71 3.90 3.5 2.91 3.09 0.80 0.73 3 0.70 2.5 1.96 0.60 0.50 0.31 0.31 2 0.25 0.22 0.40 1.5 0.30 1 0.20 0.5 0.10 0 0.00 2022 2023 2024 2025 1H2026 2022 2023 2024 2025 1H2026 ROA (%) ROE (%) 20.00 19.0 18.6 25 18.00 20.04 19.47 12.8 16.25 16.00 12.1 20 14.00 12.00
Slide 41: EPS, Dividend Payout, Dividend and Yield
EPS (Baht/Share) Dividend Payout Ratio (%) 99% 120% 2.46 3.00 2.36 80% 100% 2.50 1.80 1.78 99% 62% 80% 2.00 1.50 60% 50% 1.00 0.82 40% 0.50 20% 0.00 0% 2022 2023 2024 2025 1H2026 2022 2023 2024 2025 1H2026 4.0 0 3.5 0 Dividend (Baht/Share) Dividend Yield (%) 3.0 0 2.5 0 1.97 10.00% 8.8% 2.0 0 1.73 9
Slide 42: Update
Update 2Q 2026 Opportunity Day 42
Slide 43: Revenue Target 2026 - 2028
Revenue Target 2026 - 2028 2028 Target Compound Annual Growth Rate (CAGR) 6% – 7% 34,000 MB per year 2026 Target (Estimation) 30,000 MB Empowering our workforce through technology, enhancing competitive edge, and driving sustainable growth. 2Q 2026 Opportunity Day 43
Slide 44: Business Plan
Business Plan 2Q 2026 Opportunity Day 44
Slide 45: Business Plan Progress
BUSINESS PLAN PROGRESS ® Driving Operational Excellence and Sustainable Growth | PROGRESS RG! © P BI hi Installed and Commissioned re-Bleacning the Pre-bleaching system Unit Installation for the oil refining process STRATEGIC INITIATIVE () Supplier Selection & Contracting: Successfully completed. En
Slide 46: Governance Plan
Governance Plan 2Q 2026 Opportunity Day 46
Slide 47: Governance Plan Progress
Governance Plan Progress Driving a strong and transparent governance culture Strategic Initiative © The Company mandates anti-corruption compliance and monitoring for Critical Tier 1 suppliers to ensure an ethical, transparent supply chain. Anti-Corruption and Fraud Prevention Efforts © Fostering a
Slide 48: Climate Action Plan
Climate Action Plan yumP” @ As of August 7.0 7 eae 5 e Expand solar power generation capacity S — by 3.4 MW by 2027. 5 4 3.5 Be (le ff | Mw = ¢ As of August, the installation of the Solar 2 * ; py Rooftop system at the primary site is | 6 underway, which will add 1.5 MW of solar | 2025 2026 2027 cap
Slide 49: Q&A
Q&A 2Q 2026 Opportunity Day 49
Thai Vegetable Oil PCL — Q2 2026 Earnings Presentation on 6ix