Tpi Polene Public Co. Ltd. · SET:TPIPL
Tpi Polene Public — SET Opportunity Day March 2026
42 slides from Tpi Polene Public's conference presentation, Mar 5, 2026
Slide 1: SET Opportunity Day March 5, 2026 2025 Performance
SET Opportunity Day March 5, 2026 2025 Performance
Slide 2: Disclaimer
Disclaimer: The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in TPI Polene Public Company Limited ( “The Company”) in any jurisdictio
Slide 3: Topics
Topics Group Profile - Recent Developments ESG Initiatives New Development – Conflict in Iran Financials – 2025 Performance Business Outlook Sustainability Related Activities Q&A 5/03/2026 SET Opportunity Day 3
Slide 4: 1. Group Profile
1. Group Profile 5/03/2026 SET Opportunity Day 4
Slide 5: Assets Featuring ESG Ventures for Sustainability
Assets Featuring ESG Ventures for Sustainability Construction Materials Specialty Polymers/Chemical Products Bio-Organic Products For Agriculture /Livestock Energy & Utilities • Green Cement - 4 lines totaling 10.8m tons clinker capacity and Healthcare Products for Humans (13.5m tons cement basis) −
Slide 6: ESG Initiatives: Always Innovation of New Products
ESG Initiatives: Always Innovation of New Products; Better, Friendly Environment, Better Society, Better Corporate Governance & Sustainability 1) Green Cement & Green Building Products 2) Innovative Specialty Polymers 3) Bio-organic Products for Food Safety & Food Security 4) Green Energy & Power Ca
Slide 7: ESG Initiatives (continued)
ESG Initiatives (continued) 6) Zero Carbon & Friendly Environment * replacing most fossil fuel engines in the quarry by electric motors & conveyor belts creating corporate sustainability especially under the current environment of conflict between nations * spraying water vapors from cooling towers
Slide 8: New Development – Conflict in Iran
New Development – Conflict in Iran In the breakout of Russia/Ukraine war several industries saw massive spike in prices and/or shortage in supply especially in energy and chemicals arising from disruption of supply chain supplies and shipping routes. The extent of the impact depended on the length o
Slide 9: 2. Financials - 2025 Performance
2. Financials - 2025 Performance Group sales dropped slightly due lower contribution from Energy & Utilities Normal operating profit rose significantly from margin improvement in the ConsMat Division EBITDA is up even with forex effect and the one-time charge for litigation-related expense Operation
Slide 10: 2025 – Profit & Loss Summary
2025 – Profit & Loss Summary Common Size THB million FY24 FY25 YoY 2024 2025 Sales - consolidated 35,770 34,628 -3.2% 100 100 COGS (inc dep'n) (27,945) (25,452) -8.9% (78.1) (73.5) Gross Profit 7,825 9,176 17.3% 21.9 26.5 SG&A * (4,656) (5,189) 11.4% (13.0) (15.0) Operating Profit 3,169 3,987 25.8%
Slide 11: The Evolution of Sales
The Evolution of Sales Sales in 1Q 2025 enjoyed two positive developments: improved demand in construction materials as government capex spending normalized and clinker exports resuming due to favorable prices for a short time The significant drop in subsequent quarters especially starting 3Q 2025 w
Slide 12: The Evolution of EBITDA
The Evolution of EBITDA EBITDA generation in 2025 has been stable and very resilient despite: lower EBITDA from Energy & Utilities Division one-time litigation expense forex effects This was achieved by: keeping a tight lid on operating costs falling cost of production thanks to the benefits from Su
Slide 13: Evolution of Divisional Sales & EBITDA
Evolution of Divisional Sales & EBITDA In 2025, the ConsMat division remains the main revenue contributor However, there was a switch between Petrochem & Chem and Energy & Utilities In 2024 Energy & Utilities generated 22% of the group sales but this dropped to 16% in 2025, whereas, Petrochem & Chem
Slide 14: EBITDA Margin - By Division
EBITDA Margin - By Division Energy & Utilities still yields the highest EBITDA margin and despite adder expiry the percentage is still within recent historic range ConsMat division remains the most important factor in determining the Group’s EBITDA margin. In 2025 the ratio has been improving and th
Slide 15: Long Cycle : Revenue & EBITDA moved to a new & higher normal
Long Cycle : Revenue & EBITDA moved to a new & higher normal New normal in Sales level is around One Billion Dollars High cycle average EBITDA margin at nearly 26% 5/03/2026 SET Opportunity Day 15
Slide 16: Leverage Still Manageable
Leverage Still Manageable Net IBD/EBITDA = 8.18x TPIPL TRIS rating BBB; Stable TPIPP TRIS rating BBB; SACP “a-” Cash & cash equivalents plus other current financial assets was THB7,509 million, at end of 2025 Net debt/equity is still below internal target Book value per share at the end of 2025 was
Slide 17: 3. Business Outlook
3. Business Outlook Government capex in infrastructure – key driver to cement demand Regional manufacturing activity drives polymer demand 5/03/2026 SET Opportunity Day 17
Slide 18: Demand Drivers for ConsMat
Demand Drivers for ConsMat Gov’t capex spending improved Border conflict affected construction in some provinces High household debt limits affordability; retards house purchasing esp at the low-end market Concerns of household NPLs tightens mortgage lending Government capex remains the most importa
Slide 19: Demand Driver for Polymers
Demand Driver for Polymers Manufacturing outlook remains soft Global ASEAN PMI doing better vs Global Source: Bloomberg 5/03/2026 SET Opportunity Day 19
Slide 20: Soft outlook on utilisation rates signals slow demand
Soft outlook on utilisation rates signals slow demand Projected lower utilization rates on key proxy industries 5/03/2026 SET Opportunity Day 20
Slide 21: Soft manufacturing outlook means spreads will stay low
Soft manufacturing outlook means spreads will stay low 5/03/2026 SET Opportunity Day 21
Slide 22: Energy prices remain manageable
Energy prices remain manageable Coal prices off the 2021/22 highs… … and gas prices also remain low Source: tradingeconomics.com Sequentially higher reflecting seasonality but trend remains soft Sustained spikes in gas prices could drive coal prices higher if substitution effect kicks in 5/03/2026 S
Slide 23: 4. Sustainability Related Activities
4. Sustainability Related Activities Government capex in infrastructure – key driver to cement demand Regional manufacturing activity drives polymer demand 5/03/2026 SET Opportunity Day 23
Slide 24: Towards Carbon Neutrality
Towards Carbon Neutrality TPIPL Group Flow to Carbon Neutrality 5/03/2026 SET Opportunity Day 24
Slide 25: Carbon Neutrality Target Year Unchanged
Carbon Neutrality Target Year Unchanged Low hanging Deep technology TPIPL’s Task Force on Climate-Related Financial Disclosure 2023 5/03/2026 SET Opportunity Day 25
Slide 26: Lower Carbon & Environmentally Friendly Operations
Lower Carbon & Environmentally Friendly Operations Cooling Towers Releasing Water Vapors: * To eliminate PM2.5 created by the heavy traffic on the Mitrapap Highway – a 509 kilometers of multi lane artery and the primary logistical route connecting Bangkok to the Northeast region of Thailand; also co
Slide 27: Increased Revenue from Green Cement Products
Increased Revenue from Green Cement Products TPI Polene is the 1st to introduce Hydraulic Cement to Thailand in 2013 TPI Hydraulic Cement Type GU – or TPI 299 Certified Green Industry Level 4 (Green Culture) >80% of sales 5/03/2026 SET Opportunity Day 27
Slide 28: Green Products – Wood Substitute
Green Products – Wood Substitute Looking to expand to more overseas markets 5/03/2026 SET Opportunity Day 28
Slide 29: Coal Replaced with MSW in clinker production – higher utilization
Coal Replaced with MSW in clinker production – higher utilization For more details: Link https://drive.google.com/file/d/1h3yYa8c2eoeSM7U2NZ-Ut_qmICfdJyU-/view?usp=share_link * Other local cement producers use mainly IW – industrial wastes 5/03/2026 SET Opportunity Day 29
Slide 30: Green Products via Materials with Recycling
Green Products via Materials with Recycling 5/03/2026 SET Opportunity Day 30
Slide 31: Process Innovation Actively Pursued
Process Innovation Actively Pursued Higher thermal efficiency; rapid quenching (fast cooling) so higher strength of cement (smaller & more reactive crystals) so easier to grind This technology lowers energy usage, increases the textural strength of Saves fuel the cement, shortens processing time 5/0
Slide 32: Green Energy – Fossil Free Starting 2026
Green Energy – Fossil Free Starting 2026 5/03/2026 SET Opportunity Day 32
Slide 33: United Nations Global Compact – Helps w/ Benchmarking
United Nations Global Compact – Helps w/ Benchmarking 5/03/2026 SET Opportunity Day 33
Slide 34: Global Compact Network: Ranked 2nd in Top Ten GHG Reduction
Global Compact Network: Ranked 2nd in Top Ten GHG Reduction 5/03/2026 SET Opportunity Day 34
Slide 35: TPIPL Certified Green Industry Level 4 (Green Culture)
TPIPL Certified Green Industry Level 4 (Green Culture) TPI Polene, represented by Mr. Pakkapol Leopairut, Senior Executive Vice President, received Green Industry Award Level 4 (Green Culture) from the Ministry of Industry. Green Industry Level 4, or “Green Culture,” signifies that an organization h
Slide 36: TPIPL Cement Boards – Green Label certified
TPIPL Cement Boards – Green Label certified 5/03/2026 SET Opportunity Day 36
Slide 37: Certification: IS 13601 (India) only one in five worldwide
Certification: IS 13601 (India) only one in five worldwide 5/03/2026 SET Opportunity Day 37
Slide 38: Recognized for its contribution in Reforestation & Afforestation
Recognized for its contribution in Reforestation & Afforestation 5/03/2026 SET Opportunity Day 38
Slide 39: Corporate Merits – International ESG-Specific Awards
Corporate Merits – International ESG-Specific Awards The ESGBusiness Awards celebrates companies that are leading the way in building a sustainable future. The awards program honors businesses that demonstrate outstanding commitment and achievement in environmental, social, and governance (ESG) prac
Slide 40: Corporate Merits – TPIPP's diversified renewable/green portfolio
Corporate Merits – TPIPP’s diversified renewable/green portfolio Recently, International Finance recognized TPI Power as the “Most Innovative Diverse Energy Business Company – Thailand – 2025.” The company follows a simple business philosophy: T-echnology, P-roduct, and I-nnovation, and the rule has
Slide 41: Litigation Cases
Litigation Cases Mining Case Case Plaintiff Charge/ Restitution Date Offense Refill Rocks (Mil. Tons) Sor Vor 4/2559 8/7/2015 31,522,374.26 tons Concluded – Site Restoration The violation in Sor Vor 5/2559 24/3/2016 mining activity 12,484,023.50 tons Conclude – Site Restoration Department of (under
Slide 42: The End Thank you Q&A
The End Thank you Q&A 5/03/2026 SET Opportunity Day 42
TPI Polene Public Company — SET Opportunity Day March 2026 on 6ix