Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — Q2 2025 Earnings Presentation
36 slides from Bangchak Corporation Public's earnings presentation, Aug 18, 2025
Slide 1: Analyst Meeting Q2/2025
Analyst Meeting Q2/2025 August 18, 2025
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: Level-up in Awards and Achievements in 1H/2025
Level-up in Awards and Achievements in 1H/2025 Sustainability Yearbook 2025 Top 1% in Oil & Gas Refining and Ranked 17th Marketing Industry from 24th in 2024 3
Slide 4: Notable Progress in 1H/2025
Notable Progress in 1H/2025 Enhancing Operational Efficiency & Securing Market Position Operational Facility Upgraded & Sustained E&P Growth Excellence in Action New Product Rollout Market Position Acceleration • On-Track Progress in • Facility Upgrade at Sriracha Refinery • Maintain 29% Market Shar
Slide 5: Restructuring Plan: Update
Restructuring Plan: Update To tender offer for all BSRC shares via share swap of BCP’s newly-issued shares to delist BSRC from the SET STRUCTURE: HIGHLIGHTS: TIMELINE: Approved in AGM Tentative Delisting BSRC BSRC: 9 APR 2025 Tender Offer Period DEC 2025 (1) BCP: 11 APR 2025 OCT – NOV 2025 Note: (1)
Slide 6: Agenda
Agenda 01 Bangchak Group Performance 02 2H/2025 Outlook
Slide 7: Revenue, EBITDA and Net Profit in 1H/2025
Revenue, EBITDA and Net Profit in 1H/2025 Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 293,438 9% 260,474 26,072 16,331 19% 1H/2024 1H/2025 1H/2024 1H/2025 16,331 MB 1H/2025 PAT (MB) Core Profit (MB) 62% 12% 2% 4,261 3,611 2,998 Refinery Marketing Clean powe
Slide 8: 1H/2025 Performance Snapshot comparing to 1H/2024
1H/2025 Performance Snapshot comparing to 1H/2024 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 13,074 10,128 6,570 1,399 1,881 3,977 3,022 2,424 493 380 1H/2024 1H/2025 1H/2024
Slide 9: Strong Financial Status Going Forward
Strong Financial Status Going Forward Resilience Data as of 30 Jun 2025 Cash(1) Asset Debt(2) EBITDA LTM(3) 31,562 MB 310,702 MB 129,374 MB 30,668 MB Remark: (1)Including short-term investment (2)L/T loans and debentures (included current portion of L/T loans and debentures) (3)Last 12 Months Credit
Slide 10: Level-Up for EBITDA Synergies Realization THB >3,000 mn. in 1H/2025
Level-Up for EBITDA Synergies Realization THB >3,000 mn. in 1H/2025 Refinery Operations 47% Marketing Network 13% ~฿1,400 mn. THB ~฿400 mn. THB (from 1,650 mn THB in 1H/24) (from 300 mn THB in 1H/24) ✓ Crude sourcing with high GRM ✓ Increase sales volume of premium products ✓ IMO Grade Enhancement (
Slide 11: Refinery and Oil Trading Business
Refinery and Oil Trading Business EBITDA (MB) Crude Run (KBD) EBITDA -1,740 MB (<-100% QoQ) 63% 100% 102% 69% Crude Run 89% 85% 3,139 242 KBD (-10% QoQ) 2,165 • Soften crude run owing to a 28-day slowdown at the Sriracha refinery 230 268 242 for planned upgrades and efficiency improvements of cataly
Slide 12: Project Update: Paving the Way for the Next-Level of Efficiency
Project Update Paving the Way for the Next-Level of Efficiency and Cost Optimization Larger Crude Oil Vessels Potential Inventory Management among Two Refineries 100% of Construction Progress in June 2025 2025 Inventory Reduction Target Passed Simulation Test by Marine Department ~25% Current Status
Slide 13: Marketing Business
Marketing Business EBITDA (MB) Sales Volume by Market (ML) EBITDA 1,181 MB (-36% QoQ) Retail Industrial • Pressured by seasonally lower sales volume and inventory loss 3,379 3,498 3,393 Sales Volume (ML) 3,393 ML (-3% QoQ) 2,080 2,103 2,098 2,078 Industrial (-7% QoQ) 1,841 • Driven by a slowdown in
Slide 14: Elevating Market Share Across All Segments
Elevating Market Share Across All Segments Driving Growth Through Innovation and Customer-Centric Strategies Retail Market Share 29% Premium Product Market Share 28.8% 14.8% Expansion Target: 16.3% +100 ss 2,2xx 12.7% 2025E 6M/23 6M/24 6M/25 3.0% 2,163 Pre-Integration 2024 2,171 SS 2023 6M/24 6M/25
Slide 15: Elevating Market Share Across All Segments: Commercial Market
Elevating Market Share Across All Segments Unleashing Full Potential of Marketing Networks Commercial Market Introducing HERCuRO: High-Performance Lubricant Record-High Sales since Integration for Heavy-Duty Diesel Engines +25% +16% Marine Fuel Oil Asphalt 6M/24 6M/25 6M/24 6M/25 Thailand’s First B2
Slide 16: Clean Power Business
Clean Power Business Sellable Output Breakdown by Power Types EBITDA EBITDA (MB) 978 MB (+8% QoQ) Slight Growth in Electricity Output (GWh) Solar - TH (81.3 GWh) 5% 1,662 Gwh (+2% QoQ) 1,662 1% Wind – TH (2.5 GWh) Rising electricity sales volume, driven by 6% Wind – PH (8.7 GWh) 1,013 GWh • Higher w
Slide 17: Clean Power Business Footprints in Countries Globally
Clean Power Business Footprints in 7 Countries Globally Total New Capacities Adding (MW) ➢ 99 MW: Wind in Vietnam ➢ 290 MW: Wind in Laos (1) Remark: Information as of Jul 2025 and Unit is Contracted capacity or equity MW ppa Note: (1) planned to divest its entire investment in Petro Wind Energy Inc
Slide 18: Clean Power Business: 2025 Project Highlights
Clean Power Business: 2025 Project Highlights Key Achievements COD Wind Project Acquisition of 32 sites Partnership with NT developing with 389 MW in Total in 2H/25 solar rooftop projects a Sustainable Data Center ✓ 290 MW Monsoon Wind Project, a cross- BCPG expanded footprint in solar rooftop BCPG
Slide 19: Bio-Based Products Business
Bio-Based Products Business EBITDA (MB) Avg. Market Price (Baht/Liter) Source: EPPO B100 Ethanol EBITDA 46.0 85 MB (-71% QoQ) 35.9 35.6 Biodiesel Business 296 • Reduced average selling price due to influx of palm oil products 209 30.7 into the market starting from March 85 21.9 19.4 • Decline in bio
Slide 20: Natural Resources Business
Natural Resources Business EBITDA (MB) Sales Volumes (KBOEPD) Draugen Yme Gjoa & Nova NGL Ivar Aasen Brage Statfjord EBITDA 14% Gas 39.1 Q2/25 28% 3,503 MB (-47% QoQ) 33.3 33.0 33.0 8.5 KBOEPD 6,625 11.3 8.7 12.2 Lower Sales Volume 5,670 58% 4.9 4.8 3.9 3,503 2.5 6.1 4.8 Oil 33.0 KBOEPD (-16% QoQ) 5
Slide 21: Upgraded Production Outlook
Upgraded Production Outlook Following Sanctioning of New Drills Production Guidance Revised Upward Project Development Progress Unit : KBOEPD 30-32 31-35 Operator Partner New drill Draugen 28-32 26-30 Garn West South production well; expected drilling start late 2025, 2025 2026 Draugen production mi
Slide 22: First Step into APAC E&P: Block G2/65
First Step into APAC E&P : Block G2/65 BCPR 30% partners with Chevron 70% in G2/65 exploration block under Production Sharing Contract Key Benefits Thailand Strategic fit for energy security for Gulf of Thailand domestic supply and demand Opportunity for Bangchak as initial entry into the Gulf of Th
Slide 23: Agenda
Agenda 01 Bangchak Group Performance 02 2H/2025 Outlook
Slide 24: 2H/2025 Outlook
2H/2025 Outlook Refinery Business Marketing Business Crude Run (KBD) +10-12% Increase Run Rate HOH, Total Sales Volume +2-3% 251 266 255 fully maximize two refinery Unit: ML/MO Slight growth driven by commercial sales and increase demand during 152 143 134 Improve GRM HoH, due to the traveling seaso
Slide 25: Crafting a Sustainable World with Evolving Greenovation
Crafting a Sustainable World with Evolving Greenovation http://www.bangchak.co.th Bangchak @Bangchak.WOW
Slide 26: 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 27: EBITDA Structure (Consolidated)
EBITDA Structure (Consolidated) Unit: THB Million Q2/2024 Q1/2025 Q2/2025 QoQ YoY 1H/2024 1H/2025 YoY Total Revenue 158,057 134,647 125,827 -7% -20% 293,438 260,474 -11% Refinery and Trading Business 1/ 134,990 110,098 102,844 -7% -24% 244,564 212,942 -13% Marketing Business 2/ 100,034 96,159 89,202
Slide 28: Profit and Loss (Consolidated)
Profit and Loss (Consolidated) Consolidated Statement of Income (THB Million) Q2/2024 Q1/2025 Q2/2025 QoQ YoY 1H/2024 1H/2025 YoY Revenue from sale of goods and rendering of services 158,057 134,647 125,827 -7% -20% 293,438 260,474 -11% Cost of sale of goods and rendering of services (149,754) (125,
Slide 29: Financial Ratio (Consolidated)
Financial Ratio (Consolidated) Q2/2024 Q1/2025 Q2/2025 1H/2024 1H/2025 Profitability Ratios (%) Gross Profit Margin 5.42% 6.90% 2.18% 7.22% 4.62% EBITDA Margin 7.03% 9.44% 2.92% 9.27% 6.29% Net Profit Margin 1.82% 1.99% -2.72% 1.99% -0.29% Return of Equity (ROE) 20.42% 2.73% -3.81% 20.42% -3.81% Eff
Slide 30: Revenue, EBITDA and Net Profit in Q2/2025
Revenue, EBITDA and Net Profit in Q2/2025 Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 158,057 134,647 12,666 125,827 10,764 -43% 3,664 Q2/24 Q1/25 Q2/25 Q2/24 Q1/25 Q2/25 87% 3,664 MB Q2/2025 PAT (MB) Core Profit (MB) 29% 2% 24% 1,824 2,115 (2,560) 1,750 1,
Slide 31: Q2/2025 Performance Snapshot comparing to Q1/2025
Q2/2025 Performance Snapshot comparing to Q1/2025 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 6,625 5,670 3,139 3,503 2,165 2,078 1,841 1,181 1,013 903 978 296 209 85 -1,740 Q
Slide 32: Q2/2025: Core Profit to BCP (Excluding Extra Items)
Q2/2025: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = -3,808 MB (after tax net to BCP) 1,247 (2,864) (2,560) (8) (965) 30 Core PAT Inventory FX Loss Loss from One-time items PAT Loss & NRV FV of Derivative Q2/25 Q2/25 Derivatives 100% After Tax Net to BCP One-Time 100% After Tax
Slide 33: 1H/2025: Core Profit to BCP (Excluding Extra Items)
1H/2025: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = -3,443 MB (after tax net to BCP) 2,998 (3,033) 224 (137) (445) (497) Core PAT Inventory FX Gain Loss from One-time items PAT 1H/25 Loss & NRV FV of Derivative 1H/25 Derivatives 100% After Tax Net to BCP One-Time 100% After Ta
Slide 34: Complementary Refinery Portfolio
Complementary Refinery Portfolio 1H/25 1H/25 1H/25 Phra Khanong Refinery Sriracha Refinery Bangchak Group Crude Run (Utilization Rate) 121 KBD (101%) 134 KBD (77%) 255 KBD (87%) 28-Day Planned Slowdown in May 3% 6% 5% 22% 28% 12% 33% 7% 9% Product Yield 50% 39% 44% 6% 9% 3% 8% 9% 2% 1% 1H/25 1H/25 1
Slide 35: Crude Oil Price Outlook
Crude Oil Price Outlook : Crude price move around 60-70 $/BBL in 2H25, Price will be pressured by global economic slowdown from Trump’s tariffs that could be impact the board of demand. OPEC+ continue to raise production plan. However, uncertainty in Trump’s policy and geopolitics is needed to be cl
Slide 36: Oil Outlook
Oil Outlook Gasoline crack could be slightly softer due to summer demand fading and inventory is building Gasoil crack likely to stay healthy amid lower-than-average and seasonally high demand during winter will also support crack. Low Sulfur Fuel Oil crack could be slightly softer as bunker demand
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