Thai Solar Energy Public Company Ltd · SET:TSE
Thai Solar Energy Public — FY2024 Earnings Presentation
32 slides from Thai Solar Energy Public's earnings presentation, Mar 20, 2025
Slide 1: Opportunity Day YE 2024
OPPORTUNITY DAY YE 2024 20 March 2025
Slide 2: Agenda
AGENDA 01 COMPANY OVERVIEW 02 HIGHLIGHTS OF YE 2024 03 BUSINESS OUTLOOK 04 Q&A Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 3: Company Overview
COMPANY OVERVIEW Summary of Company Information
Slide 4: Company Overview
COMPANY OVERVIEW Thai Solar Energy Public Company Limited (“TSE”) was established in 2008 as a producer and supplier of renewable electricity from solar power and biomass to government and private companies. Our mission is to establish a strong presence in Thailand’s solar power industry, expand int
Slide 5: TSE's Milestone
2008-2014 TSE’S MILESTONE 2015-2017 2018-2019 2020-2023 2024-Present ESTABLISHED 2011: COD 1 Solar Thermal (4.5 MW.) in Kanjanaburi 2013: COD 5 Solar PV farms and 5 Solar Rooftops (45 MW.) 2014: Listed in MAI in Oct ROOFTOP & JP PROJECT 2015: COD 9 Solar Rooftop (9MW.) 2016: COD 5 Solar PV projects
Slide 6: TSE's Projects
TSE’S PROJECTS TOTAL 62 PROJECTS AND CAPACITY 382.86 MWppa Solar PV Farms & Awarded New PPA Solar PV Rooftops Biomass Floating in TH Solar PV Farms in TH 109 MWppa – 16 Farms 14 MWppa – 14 Rooftops 22.80 MWppa – 3 Plants 229.06 MWppa – 28 Farms 8 MWppa – 1 Floating Total of 117 Mwppa- 17 Projects Co
Slide 7: Solar PV farm projects
Vas ¥ Tasvmstuus:inalng 109 MW Iwanswisu Lo Mp ae ——— SSE-PVO1 (8 MW) SSE-PVO2 (8MW) SSE-PVO3(8MW) SSE-PVO4(8MW) SSE-PVO5(8MW) SSE-PVO6(8MW) COD SEP 2013 COD JUL 2013 COD OCT 2013 COD NOV 2013 COD NOV 2013 COD JUN 2014 f= = SSE-PVO7(8MW) SSE-PVO8(8MW) SSE-PVO9(8MW) SSE-PVIO(8BMW) INS (2MW) SSP (BMW)
Slide 8: Floating solar project (Private PPA)
8 MW Iwaiswisuuuu _/< Tasvmstuus:inalng . ® _? (Private PPA) ‘#5 diudumstag : usin aww sisi Wandv sia fdvlasvms: GauanawassunUunsus (KIZ) ? fhavlwWauouig: 8 MW } Cop: 25 w.n. 2021 suuuudeyay: Private PPA areadeyen 25 0 i dagyeyr: Sun arsivaa 3d Tay uawwarsuaud Ha Copyright © 2023 Thai Solar Energy P
Slide 9: Solar rooftop projects
* 4 if Tasvmstuus:inalng 14 MW IwaisuuKavnn oss ww RT-O1 Lopburi RT-02Phrae RT-03 NakornSawan RT-O4Chumporn RT-O5 SuratThani COD SEP 2014 COD FEB 2015 COD JUN 2015 COD SEP 2014 COD DEC 2014 a RT-06 Nakhon SiThammarat RT-07 HatYai RT-08 Ubon Ratchathanee RT-09 Khaoyai RT-10Ekamai-Ramindra COD JUL 201
Slide 10: Biomass projects
¥ Tasvmstuus:inalng 22.8 MW Isv[Wwiwavniutauda Sa” BSW (4.6+0.6 MW*) OSWI (8.8 MW) OSW2 (8.8 MW) C siga:idga / lasvnis BSW OSW Project #1 & 2 +) diudumslag: usun uwadssA ASu HAA USUN ddANIS LOW La~a= Sa d1Aa (IAsvMs 1 & 2) fhdvmswaadadv/tauauiw: 6.0 MWp/ 5.2 MWppa 19.8 MWp/ 17.6 MWppa algae: 200 15U
Slide 11: Highlights of YE2024
HIGHLIGHTS OF YE2024 pee Sen ST Seca’ {SRSSS RaSSSS SEUETS Saeacs Coo oS Coes eee SRE, ~ — LES. SEL SRS +
Slide 12: Key Activities in YE2024
KEY ACTIVITIES IN YE2024 Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 13: Income Statement YE2024
Change TSE - Consolidated YE2024 YE2023 INCOME ∆ YoY (%) Revenue from sales and service 1,102 1,117 -1% Subsidy for adders 52 80 -35% STATEMENT Management service fee income 74 63 17% Total revenue 1,228 1,260 -3% COGS (861) (868) -1% YE2024 Gross Profit Other income 367 42 392 15 -6% 180% Other gai
Slide 14: Total Revenue and EBITDA of YE2024
TOTAL REVENUE AND EBITDA OF YE2024 TOTAL REVENUE AND SHARE OF PROFIT FROM JV Total revenue including the share of profit from the JV, for YE2024 was 1,420 MB., a decrease of 463 MB. or 25% YoY. This decline was primarily due to the termination of the Adder income contract for the Siam Solar Power (S
Slide 15: Net Profit of YE2024
NET PROFIT OF YE2024 NORMALIZED NET PROFIT OF Y2022 - Y2024 NET PROFIT (LOSS) OF Y2022-2024 The group’s normalized net profit of Y2024 was 152 MB., a decrease of 282 MB. or The Group’s net profit (loss) for Y2024 was -501 MB., an increase of 2,480 MB. or 65% YoY. 83% YoY. The primary reason is that
Slide 16: EPS of YE2024
EPS OF YE2024 NORMALIZED EPS OF Y2022 – Y2024 EPS OF Y2022-2024 The Group’s Normalized EPS for YE 2024 was 0.07 THB per share, a decrease from The Group’s EPS for YE 2024 was -0.24 THB per share, an improve from -1.41 0.20 THB per share in YE 2023. THB per share in YE 2023. The primary reason for th
Slide 17: D/E Ratio and ROE of YE2022-2024
D/E RATIO AND ROE OF YE2022-2024 D/E RATIO The D/E ratio of YE 2024 decreased to 1.58 times, a reduction of 0.25 times from 1.83 times at from YE 2023. This reduction in the D/E ratio is due to the successful early redemption of debentures and long-term loans from financial institutions. With this i
Slide 18: Financial Position of YE2024
FINANCIAL POSITION OF YE2024 TOTAL ASSETS -25% As of December 31,2024, The Group’s total assets were 7,724 MB., decreasing by 2,536 MB. or 25 % compared to 10,260 MB. As of December 31, 2023. The decline was primarily due to a reduction in cash and cash equivalents, which were used to repay the Comp
Slide 19: Interest Bearing Debt of YE2023 & YE2024
INTEREST BEARING DEBT OF YE2023 & YE2024 TOTAL 6,073 MB. TOTAL 4,031 MB. INTEREST BEARING DEBT Most of the Group’s Interest bearing debt (IBD) was from debenture, with the proportion of debenture to IBD in YE2024 increasing by 1% from 58% in YE2023 to 59%, due to the early repayment of debentures an
Slide 20: Business Outlook
BUSINESS OUTLOOK Summary of TSE’s Business Plan
Slide 21: Trends & Opportunities
TRENDS & OPPORTUNITIES Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 22: Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 23: Trends & Opportunities of Renewable Energy in Thailand
TRENDS & OPPORTUNITIES OF RENEWABLE ENERGY IN THAILAND Pathway to Thailand’s new PDP2024 The Energy Policy and Planning Office (EPPO) of the Ministry of Energy has announced a public hearing for PDP2024 and AEDP2024, scheduled from June 19 to 23, 2024. According to the draft PDP2024, the plan aims t
Slide 24: Trends & Opportunities of Renewable Energy in Thailand
TRENDS & OPPORTUNITIES OF RENEWABLE ENERGY IN THAILAND The Promotion of Renewable Energy under AEDP2018 – Electricity Sector In 2022-2023, ERC had released regulation to procure Electricity from Renewable Energy using Feed-in-Tariff (FiT) Scheme for 2024-2030. The total capacity is equal to 8,871 MW
Slide 25: Business Plan: Growth & Investment
BUSINESS PLAN : GROWTH & INVESTMENT 3 YEARS INVESTMENT PLAN (FY2025-2027) FY2027 Onwards JV: Waste-to-Energy JV: Solar Farm The total MW to be invested in or Solar Farm (TH) Healthcare Business (TH) (TH) acquired from 2027 onwards will Acquired additional 7 Projects align with the new PDP2024 and TS
Slide 26: Business Plan: Growth & Investment - Capacity Growth
B U S I N E S S P L A N : GROWTH & INVESTMENT CAPACITY GROWTH Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 27: Health & Wellness - Business Diversification
B U S I N E S S P L A N : GROWTH & INVESTMENT HEALTH & WELLNESS – BUSINESS DIVERSIFICATION TSE’s Strategic Direction The acquisition serves as preliminary step towards TSE’s new strategic direction to become a sustainability business Existing business Potential business Renewable Health Group Solar
Slide 28: Healthcare Business
Healthcare Business • On 3 January 2025, TSE completed the acquisition of 100% of Bangkok Infertility Center Co., Ltd. (BIC), which specializes in obstetrics, gynecology, and infertility treatment (Bangkok IVF Center Clinic), and subsequently changed the company name to Vita Prime Company Limited. •
Slide 29: Health & Wellness - Growth Plan
HEALTH & WELLNESS – GROWTH PLAN Health Group Area Opportunity Health Group Vita Prime Company Limited. IVF Wellness Beauty Pharmaceutical 2024 2025 2026 2027
Slide 30: Key Success Factor and Partnership with External Expert
KEY SUCCESS FACTOR AND PARTNERSHIP WITH EXTERNAL EXPERT Well Established Achievement with Existing Footprint in Thailand Well Accumulated Experience & Expertise Team of Renewable Energy Business in Various Countries Strong Relationship with Partners & Suppliers Strong Relationship with Leading Finan
Slide 31: Q&A
Q&A Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 32: Thank You
THANK YOU Investor Relations +(66) 2 258 4530 – 3 (#2712) info@thaisolarenergy.com www.thaisolarenergy.com
Thai Solar Energy Public Company — FY2024 Earnings Presentation on 6ix