Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — Investor Day (September 2025)
45 slides from Bangchak Corporation Public's investor day presentation, Sep 25, 2025
Slide 1: Investor Forum 2025: Accelerating
INVESTOR FORUM 2025 VISION | STRATEGY | CAPITAL ALLOCATION OF BANGCHAK GROUP Accelerating Pivoting Toward Energy Security & Sustainability September 25, 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: Today's Agenda
Today’s Agenda 1 Crafting The Future 2 Core Businesses at The Pivot Point Financial Strategies for 3 Sustainability Strategic Pillars for 4 Long-Term Value Creation
Slide 4: Group CEO: Mr. Chaiwat Kovavisarach
INVESTOR FORUM 2025 VISION | STRATEGY | CAPITAL ALLOCATION OF BANGCHAK GROUP Mr. Chaiwat Kovavisarach Group Chief Executive Officer and President 4
Slide 5: Strong Growth Track Record
Strong Growth Track Record Vision: 2015 2022 5x 2009 Logo: 316,542 2022 1995 Total assets (MB) 58,413 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (UAE) 5
Slide 6: Strong Track Record of Driving Above-Market Performance
Strong Track Record of Driving Above-Market Performance Share Price Performance (%) Total Shareholder Return (%) BCP SET ENERG SET BCP SET ENERG SET100 SET50 170% 121.4% 120% +82% 70% 20% 6.1% 9.9% -6% -2.3% -20% -30% Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 5Y-Return *T
Slide 7: Transforming External Pressures into Strategic Advantages
Transforming External Pressures into Strategic Advantages Macroeconomics Energy Thailand Fuel Disruption & Opportunity • Global economic uncertainty • Oil and gas to remain vital • Demand to sustain medium term • Thailand and SE Asia face many and risks for many years • Oversupply to deepen disrupti
Slide 8: Global Energy Landscape: Trends & Outlook
Global Energy Landscape: Trends & Outlook Energy from fossil will remain key to powering the 2050 Global Economy Global Energy Demand mix ExxonMobil Outlook IEA Outlook (million oil-equivalent barrels per day) (STEP Case) 372 352 351 340 327 15% 10% 6% 24% 9% 9% 10% 5% 6% 7% 255 11% 24% 26% 7% 25% 1
Slide 9: Crafting The Future
Crafting The Future Four Focus Areas The Bold New Targets Pivoting towards Elevating 3-Year Continued Energy Security & Sustainability Our Business Share Buyback Program EBITDA Building: growth 100% by 2028 2028’s Target Integrated R&M, Biofuel, and Future Fuels Performance • Double our EBITDA Margi
Slide 10: Pivoting The Core Businesses
Pivoting The Core Businesses 10
Slide 11: Pivoting The Core Businesses: Focus on New Business Areas
Pivoting The Core Businesses Focus on 5 New Business Areas 1 2 3 4 5 R&M and Biofuels Trading Business Upstream Business Power & Infrastructure New Businesses Business Business & Holding Thailand leading integrated Asset backed trading, SEA leading mid-life operator, Thailand’s leading independent T
Slide 12: Elevating Our Business
Elevating Our Business Margin Uplift Return-Focused Investment Top Tier TSR Futureproof Target to deliver 10 bn.THB Targeting high return investments Targeting to launch 3-year share Decarbonization: over 6 bn.THB from synergy to accelerate growth of our core buyback program to enhance carbon intens
Slide 13: Core Businesses at The Pivot Point
Today’s Agenda 1 Crafting The Future 2 Core Businesses at The Pivot Point Financial Strategies for 3 Sustainability Strategic Pillars for 4 Long-Term Value Creation
Slide 14: Mr. Bundit Hansapaiboon, R&M Business Group
INVESTOR FORUM 2025 VISION | STRATEGY | CAPITAL ALLOCATION OF BANGCHAK GROUP Mr. Bundit Hansapaiboon Acting President, Refinery and Marketing Business Group (R&M) and Senior Executive Vice President, Refinery and Oil Trading Business Group
Slide 15: Integrated Refinery & Marketing and Biofuels
Integrated Refinery & Marketing and Biofuels Transforming to leading fuels of the future Unlocking Synergies Leading the Industry on Margins & Operational Excellence Leader in Future Fuels & Energy Secure Offtake through Enhanced Marketing 174 KBD 2026 2023 Logistics Bio-Fuel 2022 INTREGATED Biofuel
Slide 16: Leading the Industry on Margins & Operational Excellence
Leading the Industry on Margins & Operational Excellence TWO World-Class Complex Refineries & Driving Profitability Phra Khanong Refinery Sriracha Refinery Strengthen Competitiveness Bangkok ONE Team Chonburi with Advanced Biofuels 120 KBD 174 KBD and Uplift Product Value Operational Excellence Prod
Slide 17: Leader in Future Fuels & Energy
Leader in Future Fuels & Energy FLEXIBILITY for SAF & HVO Biofuel Ethanol Plant Production Capacity No CIT for 8 years Comply with Sustainability *By expanding the license 7 KBD (1 Millon Liters/Day) 50% tax deduction for the next 5 years Standards Unit : M. Liters/Year 292 2026E onwards Target Prod
Slide 18: Mr. Seri Anupantanan, Marketing Business Group
INVESTOR FORUM 2025 VISION | STRATEGY | CAPITAL ALLOCATION OF BANGCHAK GROUP Mr. Seri Anupantanan Senior Executive Vice President Marketing Business Group
Slide 19: Secure Offtake through Enhanced Marketing
Secure Offtake through Enhanced Marketing Retail Oil Commercial & Lubricant Retail Experience From Strength to Strengths From Superior to Widespread From Subpar to Substantial Grow Fuel & High Margin Enhance High-Value Product Triple Non-Fuel EBITDA Products Market Share by 2028 Foundation: Loyalty
Slide 20: Retail Oil Business: From Strength to Strengths
Retail Oil Business: From Strength to Strengths Key Operating Metrics Driving Customer Growth & Loyalty No. of Service Station (Sites) Thruput per Station (KL/MO) • Leading fuel network with nationwide coverage Network • Expand Strategically in potential area Expansion with Segment-Based Design 2028
Slide 21: Commercial & Lubricant: From Superior to Widespread
Commercial & Lubricant: From Superior to Widespread Key Operating Metrics Strategically Focused on High-Margin Product Growth High-Value Product Market Share (%) Portfolio • Launch new High-Value Products Marine Fuels 2028E Value (Marine B30, Asphalt 40/50, SAF) 2025E 27% 35% Asphalt 2028E Chemical
Slide 22: Retail Experience: From Subpar to Substantial
Retail Experience: From Subpar to Substantial Key Operating Metrics Tailored Offerings Driven by Local Insights & Site Characteristics Retail Experiences’ EBITDA 2028E • Strengthen communication on Inthanin High-Quality Positioning • Increase stickiness of Inthanin Fan Club and Expand customer 3X ba
Slide 23: Greenovative Experience: The Chlorophyll @Huahin
Greenovative Experience: The Chlorophyll @Huahin 23
Slide 24: Greenovative Experience @Changwattana
Greenovative Experience @Changwattana 24
Slide 25: Greenovative Experience: EV Pavillion & Mart Business
Greenovative Experience: EV Pavillion & Mart Business 25
Slide 26: Mr. Nut Pooaree, Refinery and Oil Trading
INVESTOR FORUM 2025 VISION | STRATEGY | CAPITAL ALLOCATION OF BANGCHAK GROUP Mr. Nut Pooaree Executive Vice President, Refinery and Oil Trading Business Group
Slide 27: Asset-Backed Trading to Capture Untapped Value
Asset-Backed Trading to Capture Untapped Value Enhancing Financial Performance for The Future Growth Engine EBITDA Targets Crude & product Crude / feedstock Unit: mn.THB Shipping Refining Logistics Product sales supply selection 2028E Aspirations 2025E 4,400 22-24 +15% 3Y AVG. Limited GRM based Sepa
Slide 28: Transformation across Three Dimensions
Transformation across Three Dimensions Change our mandate, operating 1 Use our assets differently 2 model and risk management • Our own assets (refinery, stations, tankage) provide physical foundations • Shift focus from optimizing GRM to end-to-end P&L maximization • Add “virtual assets” (e.g., ren
Slide 29: Mr. Komut Maneechai, BCPR
INVESTOR FORUM 2025 VISION | STRATEGY | CAPITAL ALLOCATION OF BANGCHAK GROUP Mr. Komut Maneechai Acting Executive Vice President, BCPR
Slide 30: Balancing Upstream Value & Transition
Balancing Upstream Value & Transition Leverage OKEA Expertise for The Future Growth Unit of Production [KBOEPD] Growth Since investing in OKEA ASA in Norway in 2018, Bangchak Group aims to expand its E&P presence to Southeast Aspiration 2025E Asia, driving profitable growth through targeted asset ac
Slide 31: Mr. Rawee Boonsinsukh, BCPG
INVESTOR FORUM 2025 VISION | STRATEGY | CAPITAL ALLOCATION OF BANGCHAK GROUP Mr. Rawee Boonsinsukh Chief Executive Officer and President, BCPG Public Company Limited
Slide 32: Reinventing The Power Business for A New Era
Reinventing The Power Business for A New Era Asia-Pacific’s leading renewable energy company with solar, hydro, and wind businesses. In 2023, BCPG expanded into the United States through investment in combined-cycle gas turbine power plants. Building on its clean power foundation, Bangchak Group is
Slide 33: Ms. Narupan Suthamkasem, Corporate Strategy
INVESTOR FORUM 2025 VISION | STRATEGY | CAPITAL ALLOCATION OF BANGCHAK GROUP Ms. Narupan Suthamkasem Senior Executive Vice President, Corporate Strategy and Business Development
Slide 34: New Businesses: Unlocking Future Growth Opportunities
Unlocking Future Growth Opportunities Enhanced Potential Value to Bangchak Group Inorganic Growth through Spending USD 30 million Core Business Expansion for Future Foresight Operational Efficiency • Process Optimization • Energy Management Upstream • UCO Collection points Greenovative Experience •
Slide 35: Today's Agenda
Today’s Agenda 1 Crafting The Future 2 Core Businesses at The Pivot Point Financial Strategies for 3 Sustainability Strategic Pillars for 4 Long-Term Value Creation
Slide 36: Ms. Phatpuree Chinkulkitnivat, CFO
INVESTOR FORUM 2025 VISION | STRATEGY | CAPITAL ALLOCATION OF BANGCHAK GROUP Ms. Phatpuree Chinkulkitnivat Chief Financial Officer and Senior Executive Vice President, Accounting and Finance
Slide 37: Financial Strategies for Sustainability
Financial Strategies for Sustainability Margin Uplift Return-Focused Investment Top Tier TSR Futureproof • Drive Performance from Focus on Key Growth Drivers: • Launch 3-Year Share Buyback • Energy Transition Existing Business • Upstream Business Program – Reduce Carbon Intensity • Optimize CAPEX Al
Slide 38: Strategic Pivot: Expand into Hydrocarbon and Critical Infrastructure
Strategic Pivot: Expand into Hydrocarbon and Critical Infrastructure 2026-202% CAPEX in Pipeline ¥h0de 700 reco <a (unit; mn.THB) QO bangchak group CAPEX in Pipeline Maintenance Growth e 2 6,000 Pipeline Project /—__@ 7,000 Refinery & Marketing Trading & Biofuels 2025E 7,000 N/A 2026E 6,000 200 Powe
Slide 39: Unlocking True Value through EBITDA Expansion
Unlocking True Value through EBITDA Expansion Obangehak 2x Unlocking EBITDA Target Crosring ~¥0K EBITDA Baseline Unlocking Value sons bone to the Next Growth Leve/ yy, 30-35% Aspirations Power and 30% Infrastructure —_ 5-10% 2028E BAU's Growth Drivers Refinery & Marketing & Biofuels New Business & H
Slide 40: Today's Agenda
Today’s Agenda 1 Crafting The Future 2 Core Business at The Pivot Point Financial Strategies for 3 Sustainability Strategic Pillars for 4 Long-Term Value Creation
Slide 41: Group CEO: Mr. Chaiwat Kovavisarach
INVESTOR FORUM 2025 VISION | STRATEGY | CAPITAL ALLOCATION OF BANGCHAK GROUP Mr. Chaiwat Kovavisarach Group Chief Executive Officer and President 41
Slide 42: Navigate the Future to Achieve in 2H/2025
Navigate the Future to Achieve in 2H/2025 Refinery High-Margin Product Market Share (%) Crude Run Unit : (KBD) GRM Unit : ($/BBL) 7 $/BBL 270 2H/2025E 16% +6% +75% +8% KBD 255 4 14.8% 2H/2025E KBD 2H/2025E $/BBL 1H/2025 1H/2025 1H/2025 Capacity Auction Prices Total Sale Volume (ML) ($/MW-day) 270 of
Slide 43: Navigate the Future to Advance into 2026
Navigate the Future to Advance into 2026 R&M and Biofuel Trading Business EBITDA (mn.THB) Refinery Run GRM Unit : (KBD) Unit : ($/BBL) 6-6.5 1,000 +5% 275* +>20% $/BBL +43% mn.THB KBD 262 5 2026E 700 2026E KBD 2026E $/BBL mn.THB 2025E 2025E 2025E Capacity Auction Prices Oil & Gas Production Volume (
Slide 44: Bangchak Ongoing Excellence
Bangchak Ongoing Excellence The Bold New Targets Pivoting towards Elevating 3-Year Continued Energy Security & Our Business Share Buyback Sustainability Program Bangchak Pathway to Net Zero 2050 Note: Subject to Board’s Approval for Each Buyback Transaction
Slide 45: Thank You
THANK YOU ir@bangchak.co.th Tel. +66 2335 8663/ 8518 / 8662 / 8040 www.bangchak.co.th Add our LINE official account to get the latest news and more! @bcpir
Bangchak Corporation Public Company — Investor Day (September 2025) on 6ix