Banpu Public Co. Ltd. · SET:BANPU
Banpu Public — Q2 2025 Earnings Presentation
59 slides from Banpu Public's earnings presentation, Aug 15, 2025
Slide 1: Banpu 2Q25 results
Banpu 2Q25 results Investor and analyst update 15th August 2025
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: Orchestrating Banpu's New Growth Strategy
Orchestrating Banpu’s New Growth Strategy
Slide 4: Energy Symphonics: mid-year progress review
Energy Symphonics: mid-year progress review ENERGY S Y M P H O N I C S S T R A T E G Y TARGETS 1H25 PROGRESS EBITDA GROWTH Disciplined and focused approach to capital allocation GROWTH Closed-Loop BESS Portfolio First Nickel >1.5x EBITDA Gas Scale-up Expansion Investment FOCUS THEMES PORTFOLIO TRANS
Slide 5: Unlocking Banpu's value
Unlocking Banpu’s value 100% 100% 79% 50% 100% BANPU MINERALS 50% NEXT-GEN MINING GAS-POWER-CCUS POWER RENEWABLES+ 76% GROWTH 65% 100% INFRA GROWTH SERVICES BATTERY ENERGY STORAGE SYSTEMS AUSTRALIA COAL-FIRED US GAS Renewables, Australia COAL energy trading Japan INDONESIA China CHP HPC COAL BLCP Up
Slide 6: Gas-Power-CCUS: strong growth across the value chain
GROWTH FOCUS THEMES Gas-Power-CCUS: strong growth across the value chain THE WINNING FORMULA Decarbonized Gas CCUS Upstream-Midstream Gas Expansion Scale up to Net Zero CCUS Growth Pending Bedrock Acquisition(1) OPER. DEV. 2030s TARGET 183 kt +192 kt ~16 Mt NEW Acquisition of Bedrock Production, Eas
Slide 7: Gas expansion: pending Bedrock acquisition
Gas expansion: pending Bedrock acquisition Highly Contiguous Position, Opportunities for Growth OPERATIONAL OVERVIEW Figures shown are approximate values. BKV Acreage BKV (Bedrock) Peer 2 108 MMcfed >1,000 Peer 3 Production (2Q25) Gross operated wells Peer 4 Low PDP production decline Across approxi
Slide 8: Gas expansion: investment rationale
Gas expansion: investment rationale STRATEGIC & SYNERGISTIC IN BARNETT Top Barnett Producers Gross Operated Production Expansion of BKV’s position in a mature, Unit: MMcfed(1) high-potential basin, enabling cost savings, efficiency improvements, and 821 TOP Reaffirming BKV’s position leverage throug
Slide 9: Gas expansion: pending Bedrock investment metrics
Gas expansion: pending Bedrock investment metrics ACQUISITION METRICS OPERATIONAL METRICS $370 M Acquisition Price 1.0 Tcfe >1,000 1P Reserves Producing Wells $0.4 / Mcfe EV/1P Reserves 108 MMcfed 37% Net Production $2,910 / MMcfed (2Q25) NGL Output EV/Production Figures shown are as of effective da
Slide 10: Super-charged BESS portfolio growth
GROWTH FOCUS THEMES Super-charged BESS portfolio growth Banpu Japan A 100% subsidiary of Banpu NEXT Operating Capacity Total Committed Capacity 58 MWh 1,880 MWh(1) Iwate Tono BESS Location: Tono City, Iwate Aizu BESS DEVELOPING Capacity: 14.5 MW (58 MWh) Location: COD: June 2025 Aizuwakamatsu, Fukus
Slide 11: 2Q25 highlights
Banpu: CORPORATE GOVERNANCE 2Q25 highlights & ESG EXCELLENCE KEY FINANCIAL METRICS Banpu earned recognition in the 2024 ASEAN Corporate Governance Scorecard (ACGS), securing an award in the ASEAN Asset Class category for demonstrating regional leadership in Sales Revenue Driven by robust production
Slide 12: Financial Summary
Financial Summary
Slide 13: Sales revenues – 2Q25
Consolidated financials: FINANCIALS Sales revenues – 2Q25 SALES REVENUE FROM OPERATIONS TOTAL SALES REVENUE (EXCLUDING HEDGING) Unit: US$ M % CHANGE Unit: US$ M QoQ YoY 1,256 -4% -5% QoQ YoY 1,038 1,034 -1% -16% 196 Others Power 204 193 136 -5% -1% 1,308 1,284 1,237 +32% -28% Gas 2 1 … Energy techno
Slide 14: Consolidated EBITDA – 2Q25
Consolidated financials: FINANCIALS Consolidated EBITDA – 2Q25 CONSOLIDATED EBITDA, BY QUARTER Unit: US$ M % CHANGE QoQ YoY 13% -16% 359 Energy technology 80 303 -164% n.a. 268 Power 4 86 56 +56% +7% 55 Gas 84 63 85 -26% +11% 18 6 Australia Coal 65 10 +929% -23% 6 120 108 China Coal 86 -42% -68% (3)
Slide 15: NPAT – 2Q25
Consolidated financials: FINANCIALS NPAT– 2Q25 2Q25 NET PROFIT AFTER TAX 1Q25 NET PROFIT AFTER TAX Non-recurring items: Net FX gain / (loss), net tax ($8.0 M) Unit: US$ M Unit: US$ M Other non-recurring ($14.4 M) Derivative gain / (loss) ($14.8 M) ▪ Realized financial derivatives $0.4 M 303 Non-recu
Slide 16: Energy Resources
Energy Resources
Slide 17: Gas Business: 2Q25 highlights
Gas Business: NATURAL GAS 2Q25 highlights Our gas assets offer a differentiated platform with significant growth potential Average local price (2) Gas Upstream Midstream Gas-Fired Power CCUS $2.82/Mcfe -14% QoQ Pennsylvania Sales volume Marcellus Shale 0.54 Tcfe 1P reserves (1) GAS Texas 74 Bcfe +8%
Slide 18: Gas Business: 2Q25 performance
Gas Business: NATURAL GAS 2Q25 performance The 2Q25 financial performance underscores our ability to generate strong cash flow, even during the off-peak phase of the commodity cycle. Gas Sales Volumes CCUS Sequestered Carbon Volume Total Realized Revenue(2) Unit: Bcfe(1) Unit: Kilo tons of CO2e Unit
Slide 19: US gas market update
Gas Business: NATURAL GAS US gas market update US Consumption & Projection US Natural Gas Production US Storage Level Unit: Bcf/d Unit: Bcf/d Unit: Bcf Forecast Forecast 60 120.0 115 4,500 50 100.0 4,000 PRODUCTION 105 3,500 40 80.0 EXPORT 3,000 95 60.0 30 2,500 2,000 85 20 40.0 1,500 75 10 1,000 20
Slide 20: Robust Gas prices expected in 2025
Gas Business: NATURAL GAS Robust Gas prices expected in 2025 US Rig Count vs Henry Hub Price Comments US oil and natural gas rig count Henry hub spot price ▪ Oil and gas rig count declined by ~8% QoQ in Unit: rigs Unit: $/MMBtu 2Q25, driven by weaker crude prices. In contrast, gas rigs rose ~6%, sup
Slide 21: CCUS Business: Progress and development
CCUS Business: CCUS Progress and development Project Ann. Forecasted CCUS Assets: Name Project CO2 Waste Well Class & Status Injection Volume(1) Partners Location Ownership Source Permit Status (Initial Injection) (ktpa avg CO2e) c.16 Mtpa 2030s TARGET NGP(3) CO2e injection Operating A Barnett Zero
Slide 22: Mining Business: 2Q25 highlights
Mining Business: 2Q25 highlights MINING MAP OF MINING OPERATIONS(1) Mongolia (100%) Tsant Uul Production volume China Gaohe and Hebi 93 Mt Reserves 10.8 Mt +10% QoQ (CV: 6,500 – 7,000 kcal/kg) Sales volume ITM Indonesia 334 Mt Reserves (CV: 5,950 – 6,250 kcal/kg) 11.1 Mt +7% QoQ Operating EBITDA Cen
Slide 23: Group coal sales
Mining Business: Group coal sales Coal Sales (3) Pricing Status MINING Coal Sales Source (1) : Destination Analysis, 2025e 2025e Indonesia Unsold 18.0 Mt 14% 8.0 Mt Average Selling Price* 27.8 Fixed 0.3 Mt 5.3 Mt 2Q25 US$74.0/t Mt 46% 10.0 Mt -8% QoQ 1.1 Mt S Korea 4.2 Mt Indexed 2.1 Mt China 40% 0.
Slide 24: Mining operational summary
Mining Business: Operational summary MINING ROM Production and Key Updates Australia Coal ▪ 2Q25 production rose 89% China Coal QoQ to 2.5 Mt, supported by 2025 target: 7.8 Mt full longwall output at 2025 target: 10.0 Mt Springvale and Mandalong. ▪ Gaohe: Increased production +10% +89% +27% 0% and s
Slide 25: Mining cost summary
Mining Business: Cost summary MINING Average Total Cost Breakdown Australia Coal (1) China Coal Unit: A$/t Unit: RMB/t ▪ 2Q25 avg. cost reduced by GAOHE ▪ 2Q25 total cost increased to 161 171 RMB 426/t at Gaohe and 156 36% QoQ to A$109/t (down 447 427 426 414 RMB 798/t at Hebi, mainly 138 A$62/t), f
Slide 26: Global thermal coal market
Mining Business: Global thermal coal market MINING Demand trends COAL DEMAND AND SUPPLY CHANGE – 2025e VS 2024 Global thermal coal demand is expected to rise seasonally with summer power needs, but coal prices remain under pressure due to weak coal generation and Unit: Mt Demand Supply high end-user
Slide 27: Energy Generation
Energy Generation
Slide 28: Energy Generation: 4,904 MW committed capacity
Energy Generation: ENERGY GENERATION 4,904 MW committed capacity CHINA 3,935 MW 548 MWe CHP committed thermal equity capacity (618 MWe gross) JAPAN 396 MW SLG IPP (1,320 MW gross) 58 MW RE 363.4 MW RE 969 MW committed renewables capacity LAOS VIETNAM 751 MW HPC IPP (1,878 MW gross) 209 MW RE 555 MW
Slide 29: Temple I and II: performance highlights
Energy Generation: ENERGY GENERATION Temple I and II: performance highlights OPERATIONAL PERFORMANCE FINANCIAL PERFORMANCE Unit: US$M (100% interest) Asset Information: Net generation (GWh) QoQ: +20% YoY: -9% Total revenue QoQ: +10% YoY: +3% 2,107 1,913 Merchant HRCO(1) + SS(2) Temple I & II are com
Slide 30: Thermal Power: 2Q25 updates
Thermal Power: ENERGY GENERATION 2Q25 updates HPC BLCP Higher EAF with strong and stable operations Higher EAF from both units operating with high throughout the quarter. Minor impact from THB dispatch availability and operational reliability with appreciation to profits. higher EAF QoQ after comple
Slide 31: Renewables + Energy Technology
Renewables + Energy Technology
Slide 32: Renewables & Energy Tech: 2Q25 portfolio
Renewables & Energy Technology: RENEWABLES & ENERGY TECH. 2Q25 portfolio INFRA SERVICES NET-ZERO SOLUTIONS NEW BUSINESS & INVESTMENT Renewables Solar: rooftop & floating Battery manufacturing 673 MW 296 MW 3.2 GWh Committed capacity Committed capacity Production capacity Energy efficiency Battery En
Slide 33: Infrastructure Services: Renewables 2Q25 updates
Infrastructure Services: Renewables RENEWABLES 2Q25 updates Vietnam Solar & Wind China Solar – New Development China Solar Lower power sold due to grid curtailment and lower irradiation. Nhon Hai Solar & Jinhu Qianfeng Solar Farm El Wind Mui Dinh Power sold ▪ Integrated aquavoltaic project 55 GWh St
Slide 34: BESS Portfolio & 2Q25 updates
Infrastructure Services: BESS BATTERY ESS BESS Portfolio & 2Q25 updates UPDATE: NEW DEVELOPMENTS: PORTFOLIO OVERVIEW First COD of Japan BESS Australia BESS: Wooreen BESS Project Iwate Tono BESS Acquired 50% stake in Wooreen Energy Storage System in Latrobe Valley, Victoria 1,880 MWH PROJECT HIGHLIGH
Slide 35: 2Q25 energy trading updates
Energy Management Services: ENERGY TECHNOLOGY 2Q25 energy trading updates IMPLEMENTED MARKETING & SALES STRATEGY, SECURING SUPPLY DEALS VIA TENDERS AND OPTIMIZING ARBITRAGE IN HIGHLY LIQUID PHYSICAL AND FINANCIAL MARKETS 3,525 GWh 1,956 clients 9 utility areas accumulative sales Increasing from 1,69
Slide 36: 2Q25 Net-Zero Solutions
Energy Management Services: ENERGY TECHNOLOGY 2Q25 Net-Zero Solutions CARBON FOOTPRINT FOR ORGANIZATION (CFO) BANPU NEXT RECEIVES CARBON LABEL CERTIFICATION FROM MR. WIJARN SIMACHAYA, CHAIRMAN OF THAILAND GREENHOUSE GAS MANAGEMENT ORGANIZATION (TGO) Banpu NEXT has achieved Carbon Footprint for Organ
Slide 37: Appendix
e Appendix
Slide 38: External factors and implications to Banpu
External factors and implications to Banpu IMPLICATIONS TO US TARIFF DYNAMICS POTENTIAL IMPACTS BANPU & RESPONSE US Reciprocal Tariffs Country Tariff to US STICKY INFLATION LIMITED COST IMPACT Apr’25 Aug’25 1 High overall costs from tariffs increasing cost structure Domestic inputs; diversified coal
Slide 39: 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 Building a balanced portfolio for a Vietnam sustainable energy transition. Indonesia ENERGY RESOURCES ENERGY GENERATION ENERGY TECHNOLOGY New S-Curve
Slide 40: Renewable Power & BESS: >1 GW committed capacity
Renewable Power & BESS: >1 GW committed capacity 969 MW RENEWABLES committed renewables capacity CHINA 363.4 MW RE JAPAN 555 MW solar power 58 MW RE 241 MWh BESS (274 MWh gross) 296 MW rooftop and floating solar 118 MW wind power VIETNAM 209 MW RE 1,130 MWh BATTERY ESS THAILAND US committed BESS equ
Slide 41: Strategic Minerals: ITMG nickel investment
GROWTH FOCUS THEMES INVESTMENT HIGHLIGHTS Strategic Minerals Established in 2008 and listed on OPERATION OVERVIEW* IDX in 2024, AKP is an Indonesian PRODUCTION MINERAL nickel mining company engaged in VOLUME(1) RESERVES(2) nickel exploration and production in Southeast Sulawesi. 1.8 Mt 83.5 Mt ITMG
Slide 42: ESG leadership and credit rating recognition
Banpu: ESG leadership and credit rating recognition BANPU ESG RATINGS CREDIT RATINGS A Awarded since 2014 Awarded since 2015 Honor since 2018 Best Public Company of the Year 2023 in the SET & Best rating for three consecutive Company of the Year 2023 years for demonstrating Recognized as a constitue
Slide 43: ESG recognition across the subsidiaries
Banpu: ESG recognition across the subsidiaries Responsibly Sourced Gas ESG EXCELLENCE (RSG) Gold Rating Established ESG Committee in March 2023 Certification BBB Management Rating to supervise ESG targets and performance ITM received the “BBB Management” rating BKV’s NEPA wells and facilities were f
Slide 44: 2024 Decarbonization Achievements
Banpu: 2024 Decarbonization Achievements NEXT-GEN MINING DECARBONIZED GAS POWER Emission Pad of the Emission Sustainability is at the heart Reduction Initiatives Future Program Reduction Initiatives of Banpu with a strong commitment to achieve CHINA CHP 91.64 ktpa 139 ktpa 159 ktpa NET ZERO BY2050 E
Slide 45: Environmental stewardship and commitment to the SDGs
Banpu ESG: Environmental stewardship and commitment to the SDGs 2 3 BANPU COMMITMENT In accordance with the UN Sustainable Development Goals (SDGs), Banpu has integrated 7 goals with commitment to long-term targets. Respect and uphold Partner with Collaborate with Move towards a circular Support Jus
Slide 46: 'Integrated energy solutions' 2025
Banpu: ‘Integrated energy solutions’ 2025 ENERGY RESOURCES ENERGY GENERATION ENERGY TECHNOLOGY CCUS Renewable Power Rooftop & Floating Solar 242 kt CO2e 296 MW Since first injection 673 MW Committed capacity in 4Q23 Committed capacity BESS Shale Gas Thermal Power 1,130 MW Committed equity capacity 7
Slide 47: Quarterly output summary
Banpu coal: Quarterly output summary AUSTRALIA OPERATIONS: COAL OUTPUT (MT) – ROM OUTPUT ON EQUITY BASIS Mines CV (kcal/kg) 4Q24 1Q25 2Q25 3Q25e Western operations 1.0 1.0 1.5 0.7 Springvale 6,700 0.5 0.4 1.0 0.3 Clarence 6,700 0.2 0.3 0.4 0.2 Airly 6,700 0.3 0.3 0.1 0.2 Northern operations 0.6 0.3
Slide 48: China: Weak demand and strong domestic coal supply curtail import
China: Weak demand and strong domestic coal supply curtail import CHINA THERMAL COAL IMPORTS/EXPORTS* 2Q25 Unit: Mt ▪ China’s economy demonstrates resilience despite significant US tariffs, with 2Q25 GDP Quarterly (annualized) Annually growth was 5.2% YoY, slowed from 5.4% in 1Q25, but above the who
Slide 49: India: Cooler summer and higher domestic output drive down imports
India: Cooler summer and higher domestic output drive down imports INDIA THERMAL COAL IMPORTS* 2Q25 ▪ India’s total electricity generation reached 395.6 TWh in 2Q25, decreased 5.5% YoY, Unit: Mt amid the drop in temperature during summer and early monsoon onset. Quarterly (annualized) Annually ▪ Imp
Slide 50: FX impact analysis guidance on P&L
Banpu: FX impact analysis guidance on P&L CURRENCY EXPOSURE NPAT IMPACT 2Q25 (US$M) APPROXIMATE FX EXPOSURE (US$M) NPAT 5% SENSITIVITY 3Q25 (US$M) Assuming 5% depreciation of local Net liability Net asset currencies against USD -2,400 THB 112 ▪ BOT forecast 2025 GDP at Banpu: AUD asset, 2.3% and 202
Slide 51: Balance sheet – 2Q25
Banpu consolidated financials: Balance sheet – 2Q25 2Q25 CONSOLIDATED FINANCIAL POSITION DEBT FX STRUCTURE GEARING RATIOS US$ M Net debt / Equity* (x) CASH EQUIVALENT THB RMB USD AUD Float Float 1,715 Float 5% 1% Fixed 4% 3% 0.90x 0.79x 0.87x TOTAL BORROWINGS 6,546 USD Float 30% THB ASSETS Fixed 11,
Slide 52: EBITDA breakdown
Banpu group: EBITDA breakdown 379 300 303 Unit: US$ M & holding 268 Consolidated Not consolidated companies 3Q24 4Q24 1Q25 2Q25 100% Australia Coal 65% Indonesia Coal China Coal 50% Smart Energy Solutions 79% Power 100% U.S. GAS** AACI OVERHEAD 52 6 27 181 183 96 77 73 86 50 73 85 63 0 0 0 0 4 5 4 5
Slide 53: Net debt breakdown
Banpu group: Net debt breakdown Unit: US$ M Consolidated 4,662 4,477 4,691 4,830 Not consolidated & holding companies Net debt Net cash 3Q24 4Q24 1Q24 2Q25 65% Indonesia Coal 100% Australia Coal 100% Australia Power 79% Power 100% US Gas A$ M A$ M 887 851 899 816 137 148 250 217 83 87 82 70 97 130 1
Slide 54: Operating profit
Banpu consolidated financials: Operating profit US$ M 2Q25 1Q25 2Q24 QoQ% YoY% Total sales revenues* 1,237 1,284 1,308 -4% -5% Sales revenue – Coal** 658 640 856 +3% -23% Sales revenue – Gas 215 217 178 -1% +21% Sales revenue – Power 208 220 204 -5% +2% Sales revenue – Energy Technology 154 205 19 -
Slide 55: Operating profit
Banpu consolidated financials: Operating profit US$ M 2Q25 1Q25 2Q24 QoQ% YoY% Gross profit 253 284 326 -11% -22% GPM 20% 22% 25% SG&A (141) (138) (123) Royalty (70) (66) (82) Income from associates 49 27 58 Other income and Dividend 35 35 26 Mining property (11) (7) (10) EBIT 116 135 195 -14% -41%
Slide 56: Net profit
Banpu consolidated financials: Net profit US$ M 2Q25 1Q25 2Q24 QoQ% YoY% EBIT 116 135 195 -14% -41% Interest expenses (88) (80) (96) Financial expenses (4) (4) (15) Income tax (core business) (22) (26) (22) Minorities (20) (26) (26) Net profit before extra items (18) (1) 35 n.a. n.a. Non-recurring i
Slide 57: Australia coal: Quarterly equity ROM output
Australia coal: Quarterly equity rom output Total equity ROM (Mt) 2.5 2.4 NORTHERN 2.2 2.3 0.7 0.8 1.6 1.0 1.6 0.8 1.4 1.3 0.6 0.3 0.9 0.8 WESTERN 1.5 1.5 1.5 1.6 1 1 0.7 0.6 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 LW move Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Slide 58: 2025 indicative guidance for Gas & CCUS Business
US gas-CCUS: 2025 indicative guidance for Gas & CCUS Business ILLUSTRATIVE AND INDICATIVE ONLY UNIT GUIDANCE FOR GAS BUSINESS (US$/MCFE) COMMENTS REVENUE Net production (Mmcfd) 790 – 810 NET BACK Average differential to Henry Hub $(0.50) - $(0.65) Difference selling points and Henry Hub (NYMEX basis
Slide 59: Versatile Energy Company
VERSATILE ENERGY COMPANY ; iam li a ee