Thai Solar Energy Public Company Ltd · SET:TSE
Thai Solar Energy Public — Q2 2026 Earnings Presentation
29 slides from Thai Solar Energy Public's earnings presentation, Sep 1, 2026
Slide 1: Earnings Call (Opportunity Day) Q2 2026
EARNINGS CALL (OPPORTUNITY DAY) Q2 2026 1 September 2026
Slide 2: Agenda
AGENDA 01 COMPANY OVERVIEW 02 HIGHLIGHTS OF Q2 2026 03 BUSINESS OUTLOOK 04 ESG DEVELOPMENT 05 Q&A Copyright © 2026 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 3: 1. Company Overview
1. 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 energy from solar, biomass, and waste-to-energy projects, serving both government and private sector customers. The Group has also expanded into healthcare, particularly
Slide 5: TSE's Projects
TSE’S PROJECTS TOTAL 53 PROJECTS AND CAPACITY 310.86 MWppa / 387.46 MWdc COD : 24 PROJECTS, TOTAL OF 73.80 MWppa / 78.35 MWdc AWARDED NEW PPA : 28 PROJECTS, TOTAL OF 229.06 MWppa / 299.14 MWdc IN PROCESS OF EXECUTING PPA : 1 PROJECT, TOTAL OF 8 MWppa/ 9.9 MWdc SOLAR PV FARMS AWARDED NEW PPA IN PROCE
Slide 6: 2. Highlights of Q2 2026
2. HIGHLIGHTS OF Q2 2026 SS
Slide 7: Highlights of Q2 2026
HIGHLIGHTS OF Q2 2026 MOU Signing (Memorandum of Understanding) LONGI (PV Module) Astronergy (PV Module) SUNGROW (Inverter) Copyright © 2026 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 8: Highlights of Financial Performance Q2 2026
HIGHLIGHTS OF FINANCIAL PERFORMANCE Q2 2026
Slide 9: Income Statement Q2 2026
Unit : Million Baht (MB.) INCOME TSE - CONSOLIDATED Revenue from sales and service Q2 2026 308 Q2 2025 306 ∆ 2Q (%) 0.5% 1H 2026 621 1H 2025 619 ∆ 1H (%) 0.4% Subsidy for FiT Premium 11 15 (24%) 25 29 (13%) STATEMENT Management service fee income 0 20 (100%) 0 39 (100%) Total revenue 319 341 (6%) 64
Slide 10: Total Revenue and EBITDA of Q2 2026
TOTAL REVENUE AND EBITDA OF Q2 2026 TOTAL REVENUE Total Revenue for Q2 2026 was 319 MB., a decrease of 22 MB. Or 6% YoY, and a decrease of 8 MB. or 2% QoQ Total Revenue for 1H 2026 was 646 MB., a decrease of 40 MB. or 6% YoY. The decrease was primarily from the absence of management service fee inco
Slide 11: Net Profit & EPS of Q2 2026
NET PROFIT & EPS OF Q2 2026 NET PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT (EX -JV) (unit: MB.) Net profit for 2Q 2026 was 26 MB., an increase of 12 MB. or 84% YoY, and decrease of 27 MB. or 51% QoQ. Net profit for 1H 2026 was 80 MB., an increase of 2 MB. Or 3% YoY, The increase in net profit was p
Slide 12: D/E Ratio and ROE of Q2 2026
D/E RATIO AND ROE OF Q2 2026 (unit: time) D/E RATIO The D/E ratio of Q2 2026 was 1.26 times, a slightly increase from 1.24 times at Q1 2026 and 1.22 times the end of the 2025. However, it remained significantly lower than the level recorded in Q2 2025. The increase was primarily due to the issuance
Slide 13: Financial Position of Q2 2026
FINANCIAL POSITION OF Q2 2026 TOTAL ASSETS +5% The Group's total assets was 7,141 MB., an increase of 234 MB., or 5% from 6,817 MB. as of December 31, 2025. The increase was mainly driven by investments in the development of the Solar Big Lot projects, particularly in land, property, plant and equip
Slide 14: Interest Bearing Debt of Q2 2026 & YE2025
INTEREST BEARING DEBT OF Q2 2026 & YE2025 Debenture Corporate Finance Debenture Corporate Finance 1,175 MB. 144 MB. 1,450 MB. 137 MB. Project Finance 1,751 MB. Project Finance 1,607 MB. TOTAL 3,070 MB. TOTAL 3,194 MB. INTEREST BEARING DEBT • The ratio of interest-bearing debt to equity was 1.01 time
Slide 15: 3. Business Outlook
3. BUSINESS OUTLOOK SS
Slide 16: PDP 2026 power development plan
aguais:a1AgyswunNU PDP 2026: wavviudzalaiwaauiAaiAsugnoing swuwu PDP 2026 Uvasivavaas: KSIWADIUUADNIDWaDDIU avusadou uaz! SAM AKU AU TagdowwWudadsuwaviua: arawu 60-70% ua:wanduinaluladthuwWasavsumsidulauay Data Center uazitinug Net Zero muluid 2593 Gaya 04 Tull 3a g nsmaaswavviuazaiaua:tU1KUIBAIIUEV
Slide 17: Quick Win Direct PPA
ulaure “Quick Win" Youu wavoiua:aramaussaitn Kurgan wiJunaromvAIsuau (2050) daunanms The Energy fAs-qumsavnu Trilemma (nx wdurD, lasugAd, AN WEvEU) TaguUD is 9 (Julasomsuunalkajua: Direct PPA 2. $ Tasvmiss:duyuuu (divided — t).divided into large-scale and 2,000 wasaa ai u UI n community-level projec
Slide 18: Solar Big Lot Project Development
SOLAR BIG LOT PROJECT DEVELOPMENT 18
Slide 19: Business Plan: Growth & Investment
Business Plan : Growth & Investment The Policy Commitment under PDP 2018 Rev.1 – Solar Big Lot In 2022-2023, ERC had released regulation to procure Electricity from Renewable Energy using Feed-in-Tariff (FiT) Scheme for SCOD during year 2024- Start to NTP 2028- 2030. The total capacity of bidding RE
Slide 20: New Solar Big Lot (Phase I&II): MW Contract Capacity & Location
New Solar New Big Lot (Phase I&II): MW Contract Capacity & Location Phase 1&2 Projects – Breakdown by SCOD SCOD No. of Projects MWppa 2027 (PH.2) 4 30.20 2028 (PH.2) 16 97.90 2030 (PH.1+2) 8 100.96 Total 28 229.06 : Phase I : Phase II 20
Slide 21: Solar Big Lot Project Development
SOLAR BIG LOT PROJECT DEVELOPMENT LOT 1 COD in 2027 : 4 Projects, Total of 30.20 MWPPA EPC Mobilization Land Preparation 21
Slide 22: Solar Big Lot Project Development Roadmap
SOLAR BIG LOT PROJECT SOLAR DEVELOPMENT BIG LOT PROJECT ROADMAP DEVELOPMENT LOT 1 COD in 2027 : 4 Projects, Total of 30.20 MWPPA | Current Phase: Construction | Status: On Track ✔ COMPLETED ▶ IN PROGRESS ⏳ PLANNED • PPA Signed with PEA • EPC Construction Progress • LTA Completion Certificate • Finan
Slide 23: WTE Project – Pre Development
WTE Project – Pre Development 9.9MW/ 8.0 MWPPA Uttaradit Waste to Energy Project Kho Rum, Phichai District, Uttaradit Project Owner Power ACE One Co., Ltd. (Subsidiary of TSE) Site location Uttaradit Sukhothai Project Progress Description : , the project is in the development preparation stage, with
Slide 24: TSE Capacity Growth (-2030)
TS E C A PAC I T Y G ROW T H ( 2 0 2 6 -203 0) Project pipeline with +229.06 MWppa of solar phase 1, 2, and WTE 8 MWppa in the process of executing a PPA 310.26 201.3 201.3 153.2 103.4 73.8 73.8 • Solar Farm (-80 TSR) • Solar farm Ph. II • Solar farm Ph. II • Solar farm Ph. I (+92.96) (+30.2) (30.2+
Slide 25: Our Business Portfolio
un For The Futu Our Business Portfolio Driving Sustainable Growth through Energy & Healthcare Innovation Health Group Renewable Energy BANGKOK oF @) WF eunic Building a Sustainable » Future $ Bangkok IVF Clinic . (IVF Reproductive Technology) Solar PV Solar PV Floating Biomass Farms Rooftops Solar P
Slide 26: Business Plan: Growth & Investment
BUSINESS PLAN : GROWTH & INVESTMENT INVESTMENT PLAN FY2027 Onwards Solar Farm Big Lot PH.1 Healthcare Business Waste-to-Energy Solar Community/ Direct PPA The total MW to be invested in or acquired from 2027 onwards will align with the new PDP 2026, Awarded Solar Big Lot TSE acquired Bangkok Inferti
Slide 27: ESG & Environmental Performance
ESG & Environmental Performance The Group remains committed to conducting its business based on sustainable development principles, striving to balance economic growth, environmental stewardship, and social responsibility under good and transparent corporate governance. GREENHOUSE GAS REDUCTION 7,12
Slide 28: Q&A
Q&A Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 29: Thank You
THANK YOU Investor Relations +(66) 2 258 4530 – 3 (# 2311) info@thaisolarenergy.com www.thaisolarenergy.com Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Thai Solar Energy Public Company — Q2 2026 Earnings Presentation on 6ix