Thai Vegetable Oil Public Co. Ltd. · SET:TVO
Thai Vegetable Oil Public — Q2 2025 Earnings Presentation
51 slides from Thai Vegetable Oil Public's earnings presentation, Aug 21, 2025
Slide 1: 2Q 2025 Opportunity Day
2Q 2025 OPPORTUNITY DAY 21 AUGUST 2025 2Q2025 Opportunity Day 1
Slide 2: Disclaimer
Disclaimer "The information contained in this presentation is provided exclusively for your personal reference. Additionally, this presentation includes projections and forward-looking statements that express our current expectations regarding future events and financial performance. These views are
Slide 3: Agenda
AGENDA TVO Overview 2Q/25 Recap Industry Overview and Outlook Financial Performance ESG Q&A 2Q2025 Opportunity Day 3
Slide 4: TVO at a Glance
TVO at a Glance Thai Vegetable Oil TVO has a production TVO produces and distributes Public Company Limited capacity of 6,000 tons of products in both domestic and or TVO soybeans per day. All three international markets. The was established in 1985 factories are located in product are divided into
Slide 5: Major Development
Major Development Revamping the 1-liter- Acquired the asset of bottle design of Nakornchaisri vegetable oil bottles, Refinery Company which saving of Limited, expanding 350,000 kilograms per capacity to 800 tons of Expanding capacity year and developing 2024- 1985 soybean/day, and 1993 to 2,000 tons
Slide 6: Revenue Structure
Revenue Structure 50,000 39,107 Unit : Mil. THB 34,195 40,000 31,307 18% 30,596 30,000 16% 22% 18% Export and others 56% Soybean Meal 13,515 20,000 57% 59% 59% 17% Soybean Oil 10,000 50% 27% 26% 23% 19% 33% 0 2021 2022 2023 2024 1H2025 Breakdown by product Breakdown by Channel Animal Feed Soybean Oi
Slide 7: TVO Business Overview
TVO Business Overview Animal Edible Soybean Sourcing Food Ingredient Vegetable Oil
Slide 8: TVO Business Overview
TVO Business Overview Animal Edible Soybean Sourcing Food Ingredient Vegetable Oil
Slide 9: Soybean Sourcing
Soybean Sourcing Soybeans Exports Exports 2025/26 Unit: mil.MT Unit: mil.MT 187 172 178 182 Others 165 154 28 29 29 21 22 16 US 46 51 46 United States 54 62 59 Production 116.8 Thailand Export 46.4 Production 0.05 Import 4.4 96 104 102 112 82 79 Brazil 2020/21 2021/22 2022/23 2023/24 2024/25p 2025/2
Slide 10: TVO Business Overview
TVO Business Overview Soybean Animal Edible Sourcing Food Ingredient Vegetable Oil 2Q2025 Opportunity Day
Slide 11: Domestic Soybean Meal Source
Domestic Soybean Meal Source Soybean meal produced by local crusher accounts for 40% of the total supply in the country. As of 2024Y 60% Import (~3 mil. tons/year) 40% Local Crushers (~2 mil. tons/year) 2Q2025 Opportunity Day 11
Slide 12: Distribution Channel of TVO's animal feed ingredient product
Distribution Channel of TVO’s animal feed ingredient product Feed Miller 70%-80% Livestock Farms 20%-30% 2Q2025 Opportunity Day 12
Slide 13: Animal Feed Ingredient Product
Animal Feed Ingredient Product Soybean meal Soy Hull TVO Hipro-Meal Crush Pellet TVO Dehulled Soybean Meal Shell egg Full Fat Soy Lecithin TVO Dehulled Full Fat Soy TVO Full Fat Soy 2Q2025 Opportunity Day 13
Slide 14: TVO Business Overview
TVO Business Overview Soybean Animal Edible Sourcing Food Ingredient Vegetable Oil 2Q2025 Opportunity Day
Slide 15: Thailand's Consumer Soybean Oil Market in 1H/25
Thailand’s Consumer Soybean Oil Market in 1H/25 Soybean oil has a market share of 23% “Angoon” Soybean Oil dominates the Soybean oil of the total Thai edible oil market. market in Thailand with a market share of 56% Thai edible oil Thai soybean oil market share Others market share 19% Soybean Palm O
Slide 16: Edible Vegetable Oil Markets
Edible Vegetable Oil Markets 80% 20% Domestic Exports Food Industries Non-Food Industries ▪Canned Tuna ▪Paint Industry ▪Salad oil ▪Raw Materials ▪Chili Paste ▪Animal Feed ▪Fried Food 2Q2025 Opportunity Day 16
Slide 17: 2Q2025 Opportunity Day
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Slide 18: 2Q2025 Opportunity Day
2Q2025 Opportunity Day
Slide 19: Good Health Great Taste
ORY GOOD HEALTH GREAT TASTE 2Q2025 Opportunity Day
Slide 20: Agenda
AGENDA TVO Overview 2Q/25 Recap Industry Overview and Outlook Financial Performance ESG Q&A 2Q2025 Opportunity Day 20
Slide 21: 2Q/25 Key Highlights
2Q/25 Key Highlights Gross Net Sales Profit Profit 6,660 THB mil 1,072 16.1% GPM 648 9.7% NPM 8.0% YoY THB mil 36.8% YoY THB mil 17.7% YoY • Soybean meal prices • Gross profit rose as lower • Second-highest Net Profit dropped in line with global raw material costs in the past 11 quarters trends. out
Slide 22: Global Supply
500 Global Supply 450 YOY -2 400 YOY +4 Brazil and Argentina Production (mmt) 350 Argentina US Soybeans Production (mmt) Unit: Production BU/Acre 300 mil.MT 55.0 175 53.6 54.0 250 220 224 155 51.9 51.7 53.0 203 51.0 176 178 186 175 187 50.6 50.6 50.7 52.0 158 170 161 200 135 155 49.2 49.5 51.0 115 5
Slide 23: CBOT Soybean Price
CBOT SOYBEAN PRICE Source: Trading View 2Q2025 Opportunity Day 23
Slide 24: Global Demand
Global Demand Brazil Export (MMT) China Domestic Consumption (MMT) +10% +5% 51 54 63 76 75 92 82 79 96 104 102 112 88 96 104 107 103 110 115 110 118 122 127 133 US Export (MMT) 70 60 -9% 50 40 30 20 50 53 59 58 48 46 62 59 54 46 51 46 10 Source: USDA (WASDE AUG 2025) Source: JCI China, USDA 2Q2025 O
Slide 25: Local Demand
LOCALExports Thailand DEMAND Livestock Sector: Chicken Exports +5%, Pig Margins Back in Profit Thailand Chicken Meat Export (‘000 MT) Thailand Pig Margin (Baht/Kg.) 20 1500 +5% 11.49 YoY 10 1000 0 1,063 1,150 1,223 1,280 -10 500 934 980 957 967 -20 -17.41 0 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
Slide 26: Thailand Vegetable Oil Market: Soybean Oil Gains, Palm Oil Loses Ground
Thailand Vegetable Oil Market: Soybean Oil Gains, Palm Oil Loses Ground Market Share of Vegetable Oil Total TH Volume Sale (Tons) Source : Nielsen updated JUN 2025 2Q2025 Opportunity Day
Slide 27: Price Gap between Soybean Oil and Palm Oil remained narrow
Price Gap between Soybean Oil and Palm Oil remained narrow Soybean Oil – Palm Oil Spread Unit: Baht/Litre 20.00 15.00 15.44 11.63 10.00 5.00 3.95 0.00 (5.00) (4.33) (10.00) Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Source: NIQ 2Q2025 Opportunity Day 27
Slide 28: Thailand's palm oil market
Thailand’s palm oil market Source : DIT 2Q2025 Opportunity Day
Slide 29: Agenda
AGENDA TVO Overview 2Q/25 Recap Industry Overview and Outlook Financial Performance ESG Q&A 2Q2025 Opportunity Day 29
Slide 30: Next big developments in G&O Markets
Next big developments in G&O Markets U.S. Planting 25/26 Harvest Brazil Crop 25/26 Harvest Argentina Crop 25/26 Harvest 3Q25 4Q25 1Q26 2Q26 WASDE 12 SEP STOCKS 30 SEP 2Q2025 Opportunity Day
Slide 31: US Soybean Planting Progress 2025/26
US Soybean Planting Progress 2025/26 As of 17 Aug 2025 Planted Emerged Blooming Setting Pods Dropping Leaves Harvested 2025 5Y AVG 82% 82% Source: USDA 2Q2025 Opportunity Day 32
Slide 32: US soybean crop condition 2025/26 (% Good+Excellent)
US soybean crop condition 2025/26 (% Good+Excellent) As of 10 Aug 2025 68% CURRENT 62% 5-YEAR AVG Source: USDA 2Q2025 Opportunity Day 33
Slide 33: US Weather Outlook
US Weather Outlook Source: USDA 2Q2025 Opportunity Day 34
Slide 34: 2025/26 U.S. Yield
USDA forecasts U.S. soybean and corn yields this season to reach record highs 2025/26 U.S. Yield Aug 12th, 2025 (bushel/acre) Aug Low Avg. High Jul Soybeans R 53.6 52.0 52.9 53.6 52.5 Actual VS Trade Est. Higher In range Lower Source: USDA 2Q2025 Opportunity Day 35
Slide 35: USDA Lowers U.S. Soybean Production Estimate for 2025/26
USDA Lowers U.S. Soybean Production Estimate for 2025/26 2025/26 U.S. Area Planted 2025/26 U.S. Production Aug 12th, 2025 (mil. acre) Aug 12th, 2025 (bn bushel) Aug Jul Aug Jul Corn R 97.3 95.2 Corn R 16.74 15.70 Soybeans 80.9 83.4 Soybeans 4.29 4.33 -3% USDA Ag forum (Feb-25) 83.1-86.5 US. Farmer s
Slide 36: ENSO is projected to shift from Neutral to La Niña by late 2025
ENSO is projected to shift from Neutral to La Niña by late 2025 Jul Aug Source: CPC 2Q2025 Opportunity Day 38
Slide 37: Brazil's Soybean Belt Faces Mixed Moisture Outlook
Brazil’s Soybean Belt Faces Mixed Moisture Outlook Source: USDA 2Q2025 Opportunity Day 39
Slide 38: Dryness Raises Concerns Across Argentina's Soybean Belt
Dryness Raises Concerns Across Argentina’s Soybean Belt Source: USDA 2Q2025 Opportunity Day 40
Slide 39: Vegoil Market Update
VEGOIL MARKET UPDATE 2Q2025 Opportunity Day
Slide 40: Soybean Oil Leads Gains in 2025; Palm Oil Lags Behind
Soybean Oil Leads Gains in 2025; Palm Oil Lags Behind FOB Major Vegetable Oils Price* Latest Unit: $/MT % YTD Price Sunflower oil 1280 7% Rapeseed oil 1210 8% Soybean oil 1100 14% Palm oil 1100 -4% Note: FOB refers to the price at the port of origin, excluding transportation costs. Source: LSEG 2Q20
Slide 41: USDA Lifts Soy Oil Outlook: Biofuel Use Overtakes Food Sector
USDA Lifts Soy Oil Outlook: Biofuel Use Overtakes Food Sector +2% +6% -59% USDA sharply raised its outlook for soybean oil use by biofuel producers in the 2025/26 marketing year to a record 15.5 billion pounds (+6% m/m, +11% y/y) Domestic use of soybean oil for biofuel production is projected to sur
Slide 42: Agenda
AGENDA TVO Overview 2Q/25 Recap Industry Overview and Outlook Financial Performance ESG Q&A 2Q2025 Opportunity Day 44
Slide 43: Revenue, Gross Profit & GPM, Net Profit & NPM
Unit: MB Unit: MB -10% YoY 14,951 16,000 14,000 -3% QoQ 13,515 12,000 10,000 8,000 7,238 6,856 6,660 6,000 4,000 Revenue 2,000 - 2Q2024 1Q2025 2Q2025 1H2024 1H2025 Unit: MB +19% QoQ Unit: MB +51% YoY 3,000 10.8% 13.2% 16.1% 8.8% 14.6% 15% 1,976 2,500 10% 1,309 5% 2,000 903 1,072 784 0% 1,500 Gross P
Slide 44: Current Ratio, D/E Ratio, ROA, ROE
Current Ratio (x) D/E Ratio (x) 4 3.71 3.5 3.03 2.91 2.98 3 0.80 0.73 0.70 1.96 2.5 0.60 2 0.35 0.50 0.31 0.31 0.25 1.5 0.40 0.30 1 0.20 0.5 0.10 0 0.00 2021 2022 2023 2024 1H2025 2021 2022 2023 2024 1H2025 ROA (%) ROE (%) 22.2 25.00 25 20.00 19.3 19.0 20.0 16.3 20 15.00 12.8 15 9.9 10.7 6.0 7.2 10.
Slide 45: EPS, Dividend Payout Ratio, Dividend
EPS (Baht/Share) Dividend Payout Ratio (%) 2.56 120% 99% 3 2.5 2.36 100% 86% 1.80 73% 62% 60% 80% 2 1.5 1.33 60% 1 0.82 40% 0.5 20% 0 0% 2021 2022 2023 2024 1H2025 2021 2022 2023 2024 1H2025 4.0 0 3.5 0 Dividend (Baht/Share) Dividend Yield (%) 3.0 0 2.5 0 2.20 9.00% 7.8% 7.5% 2.0 0 1.73 8.00% 0.90 7
Slide 46: Agenda
AGENDA TVO Overview 2Q/25 Recap Industry Overview and Outlook Financial Performance ESG Q&A 2Q2025 Opportunity Day 48
Slide 47: Vision
VISION “Empowering people with technology, enhancing competitiveness, and elevating sustainable growth —while advancing toward leadership in the food industry and securing long-term value across the supply chain” 2Q2025 Opportunity Day 49
Slide 48: ESG Strategy and Integration
ESG Strategy and Integration ESG Embedded in Core Business Strategy Key Targets Creates the sustainability of environmental, social, Net Zero by 2060 / Carbon Neutral by 2045 and governance (ESG) aspects adhering to the E / 20% reduction by 2035 (baseline 2021) principle of cost efficiency based on
Slide 49: ESG Performance & Recognition
ESG Performance & Recognition GHG Emission ▪ Reduction in GHG emissions by 13% Decrease 13% Compare to baseline ▪ Increased solar power capacity to 3.5 MW 51,040 ▪ Over 85% of total energy consumption from renewable sources 47,932 ▪ ESG rating ranked in the top 10 by both global and national 46,015
Slide 50: Capacity expansion plan
Capacity expansion plan TVO1 Improvement Progress New Capacity 7,000 tons Expected to be commercialize Within 2025 Enhance production efficiency with modern technology, resulting in increased production capacity and create a cost competitive advantage 2Q2025 Opportunity Day
Slide 51: Q&A
Q&A 2Q2025 Opportunity Day 55
Thai Vegetable Oil Public Company — Q2 2025 Earnings Presentation on 6ix