Banpu Public Co. Ltd. · SET:BANPU
Banpu Public — Q3 2025 Earnings Presentation
76 slides from Banpu Public's earnings presentation, Nov 17, 2025
Slide 1: Banpu 3Q25 results
Banpu 3Q25 results Investor and analyst update 17th November 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: Energy Symphonics: Phase 2
Energy Symphonics: Phase 2 Simplification of Banpu group structure to unlock value and create stronger growth platform ▪ Introduction: Energy Symphonics ▪ Restructuring: Overview & Rationale ▪ Restructuring: Details
Slide 4: Context: the evolving Energy Balance
Context: the evolving Energy Balance … Technology Reliable Surge in electricity Reliability and resiliency of demand for digital electricity supply essential infrastructure, driven by for digital infrastructure AI-workload needs. Data ENERGY SYMPHONICS and critical services (e.g., center electricity
Slide 5: Banpu Energy Symphonics: key objectives revisited
Banpu Energy Symphonics: key objectives revisited 01 02 03 04 05 Rebalance Operational Corporate Building New Portfolio Capital Excellence Restructuring Growth Engine Refocus Structure Focus on cost Internal Build Power+ Strong focus on Strengthen savings, margin restructuring of pillar, alongside c
Slide 6: Banpu restructuring plan overview
Banpu restructuring plan overview Second phase of Banpu’s Energy Symphonics strategy: simplification of group structure Phase 1 : BKV IPO and growth Phase 2 : Streamline group structure 2025-26 SALES OF US-BASED BANPU-BPP FOUR CORE POWER GENERATION JV AMALGAMATION GROWTH PILLARS NEWCO NEWCO (1) BANP
Slide 7: Energy Symphonics: Phase 2
Energy Symphonics: Phase 2 Simplification of Banpu group structure to unlock value and create stronger growth platform ▪ Introduction: Energy Symphonics ▪ Restructuring: Overview & Rationale ▪ Restructuring: Details
Slide 8: Banpu group structure today: key transaction objectives
Banpu group structure today: key transaction objectives ILLUSTRATIVE ONLY BANPU GROUP CURRENT STRUCTURE(1) BEFORE Positioning of US gas-fired power plant under BKV to realize Unlock full value of asset Value Amalgamation of Banpu and BPP to simplify structure and unlock value, transforming Simplify
Slide 9: Banpu group structure: before and after
Banpu group structure: before and after ILLUSTRATIVE ONLY BANPU GROUP CURRENT STRUCTURE(1) BEFORE NEWCO STRUCTURE (POST-AMALGAMATION)(1) AFTER 100% 71% 79% 50% 100% 72.6%(2) 100% 100% NEXT-GEN MINING US CLOSED-LOOP GAS POWER ENERGY TECH NEXT-GEN MINING US CLOSED-LOOP GAS POWER+ FUTURE TECH 50% 65% G
Slide 10: Banpu post-restructuring: four strategic pillars with distinct strategies
Banpu post-restructuring: four strategic pillars with distinct strategies NEWCO 72.6%(1) 78.7% → 100% 50% → 100% NEXT-GEN MINING US CLOSED-LOOP GAS POWER+ FUTURE TECH. POWER+ NewCo ▪ Indonesia Coal ▪ China Coal ▪ Upstream Gas ▪ Gas- and Coal-fired Power ▪ Energy Technology ▪ Australia Coal ▪ Midstre
Slide 11: Energy Symphonics: Phase 2
Energy Symphonics: Phase 2 Simplification of Banpu group structure to unlock value and create stronger growth platform ▪ Introduction: Energy Symphonics ▪ Restructuring: Overview & Rationale ▪ Restructuring: Details
Slide 12: Banpu group structure: pre- and post-amalgamation
Banpu group structure: pre- and post-amalgamation ILLUSTRATIVE ONLY CURRENT STRUCTURE NEW STRUCTURE* (POST-AMALGAMATION) (3)(4) NEW STRUCTURE (POST-AMALGAMATION) (3)(4) Banpu PCL Banpu PCL Remaining BPP shareholders shareholders shareholders 88% 12% 100% Other BPP shareholders Banpu PCL 21.3% 67%(1)
Slide 13: Transaction overview
Transaction overview TRACK 1: TRACK 2: Banpu-BPP amalgamation General Offer Sale of 25% in US-based establish and relist NewCo to BPP shareholders power generation JV 0% -> 5.6%(3) (1) OTHER NEWCO SHAREHOLDERS 78.7+X% 21.3-X% BKV-BPP Power, LLC (1) (1) BKV-BPP 50% → 75% Power (2) 50% → 25% US-based
Slide 14: Track 1: Amalgamation of Banpu and BPP
Track 1: Amalgamation of Banpu and BPP TRANSACTION STRUCTURE* AMALGAMATION OVERVIEW ▪ Swap of all shares in Banpu PCL and BPP into shares in a ‘NewCo’ Banpu PCL Remaining BPP Process and list NewCo shares on the Stock Exchange of Thailand (“SET”) shareholders shareholders Overview 88% 12% Initial Sh
Slide 15: Track 1: General Offer
Track 1: General Offer POST-TRANSACTION STRUCTURE* GENERAL OFFER KEY TERMS AND CONDITIONS Banpu to make General Offer for all minority shares in BPP (approximately 21.3% of total issued and paid-up shares) Process Overview Other BPP Offeror shareholders 21.3 –x% 21.3% of total paid-up shares in BPP
Slide 16: Track 2: BPP executes a sale of 25% in US-based power generation JV to BKV
Track 2: BPP executes a sale of 25% in US-based power generation JV to BKV TRANSACTION STRUCTURE* TRANSACTION OVERVIEW TOTAL CONSIDERATION SALES OF 25% INTEREST IN BKV-BPP JV* $231 M (EQUITY VALUE) Process Buyer : Overview Banpu Power US Corporation Seller : (wholly owned subsidiary of BPP) 67%(1) 7
Slide 17: Impact to Banpu's financial statements
Impact to Banpu’s financial statements Pre-deal Post-deal (NewCo) Given that BPP has been consolidated in Banpu’s financial statements, NewCo’s financial position will remain largely consistent with Banpu’s, with key differences in minority interest and related equity items Net Profit to Owners (US$
Slide 18: Phase transaction benefits: NewCo to capture the AI boom
Phase 2 transaction benefits : NewCo to capture the AI boom Unlock Value & Enable Growth Platforms Greater Focus, Greater Synergies NEXT GEN MINING Leverage mining experience to transition to high-value commodities CLOSED-LOOP GAS Boost cash flow Consolidation of US gas-fired power under BKV to refl
Slide 19: Financial Summary
Financial Summary BANPU
Slide 20: 3Q25 financial highlights
Banpu: CORPORATE GOVERNANCE XXX 3Q25 financial 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 Robust perform
Slide 21: Sales revenues – 3Q25
Consolidated financials: FINANCIALS SALES REVENUE BREAKDOWN Sales revenues – 3Q25 BUSINESS UNITS WITH HEDGING IMPACT Unit: US$ M Total Sales Revenue % CHANGE Sales Revenue from Operations (excluding hedging) Unit: US$ M QoQ YoY +10% +1% QoQ YoY +4% -7% 1,153 1,358 Others 1,071 1,339 188 1,033 1,237
Slide 22: Consolidated EBITDA – 3Q25
Consolidated financials: FINANCIALS Consolidated EBITDA – 3Q25 Consolidated EBITDA, by quarter Unit: US$ M % CHANGE QoQ YoY 379 -2% -22% 4 Energy technology 73 303 296 -249% +7% 4 50 Power 86 84 -3% +14% 52 Gas 27 63 66 +6% +33% 18 Australia Coal 65 15 -72% -65% 174 6 109 China & Mongolia Coal 86 +1
Slide 23: NPAT – 3Q25
Consolidated financials: FINANCIALS NPAT– 3Q25 2Q25 NET PROFIT AFTER TAX Unit: US$ M Non-recurring items: 3Q25 Net Profit after Tax Net FX gain / (loss), net tax Other non-recurring ($20.1 M) ($5.9 M) Unit: US$ M 303 Derivative gain / (loss) $8.1 M (20) Minority(2) ▪ Realized financial derivatives (
Slide 24: US Closed-Loop Gas
US CLOSED-LOOP GAS BANPU
Slide 25: Gas Business: 3Q25 highlights
Gas Business: NATURAL GAS 3Q25 highlights Our gas assets offer a differentiated platform with significant growth potential Average local price (2) Gas Upstream Midstream Gas-Fired Power CCUS $2.63/Mcfe -7% QoQ Pennsylvania Sales volume Marcellus Shale 0.5 Tcfe 1P reserves (1) GAS Texas 76 Bcfe +3% Q
Slide 26: Gas Business: 3Q25 performance
Gas Business: NATURAL GAS 3Q25 performance Combining the assets acquired in the Bedrock acquisition with BKV’s existing operations, the 3Q25 financial performance demonstrates our portfolio’s resilience and ability to generate robust cash flow throughout the commodity market cycles Gas Sales Volumes
Slide 27: US gas market update
Gas Business: CLOSED-LOOP GAS US gas market update US Natural Gas Consumption US Natural Gas Production US Storage Level Unit: Bcf/d Unit: Bcf/d 2024 actual production 2025 forecasted production Unit: Bcf Residential Commercial Industrial Power Other Storage 5yr - high 5yr - low 2024 actual export 2
Slide 28: Healthy gas price outlook in 2025-2026
Gas Business: CLOSED-LOOP GAS Healthy gas price outlook in 2025-2026 US Rig Count vs Henry Hub Price Comments US oil and natural gas rig count Henry hub spot price ▪ Oil and gas rig count held steady QoQ at 541 rigs. Unit: rigs Unit: $/MMBtu Oil-directed rig declined but is offset by an increase in
Slide 29: CCUS Business: Progress and development
CCUS Business: CLOSED-LOOP GAS 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 Ba
Slide 30: Next Gen Mining
NEXT GEN MINING BANPU
Slide 31: Mining Business: 3Q25 highlights
Mining Business: 3Q25 highlights NEXT GEN. MINING MAP OF MINING OPERATIONS(1) Mongolia (100%) Tsant Uul Production volume China Gaohe and Hebi 93 Mt Reserves 10.0 Mt -7% QoQ (CV: 6,500 – 7,000 kcal/kg) Sales volume ITM Indonesia 334 Mt Reserves (CV: 5,950 – 6,250 kcal/kg) 11.4 Mt +3% QoQ Operating E
Slide 32: Group coal sales
Mining Business: Group coal sales Coal Sales (3) Pricing Status NEXT GEN. MINING 2025e Coal Sales Source(1) : Destination Analysis, 2025e Indonesia 17.1 Mt Indexed 14.7% 8.0 Mt Average Selling Price* Fixed 0.7 Mt 84.9% 24.5 Unsold 5.5 Mt US$73.6/t 9.1 Mt 1.0 Mt 3Q25 -1% QoQ Mt 0.4% S Korea 4.5 Mt 2.
Slide 33: Operational summary
Mining Business: Operational summary NEXT GEN. MINING ROM Production and Key Updates Australia Coal China Coal 2025 target: 7.6 Mt 2025 target: 11.1 Mt ▪ Gaohe: Stable Q3 performance supported by mining efficiency improvements, effective cost -34% -38% ▪ Total ROM production for 3Q25 -% -% control,
Slide 34: Cost summary
Mining Business: Cost summary NEXT GEN. MINING Average Total Cost Breakdown Australia Coal (1) China Coal Unit: A$/t ▪ 3Q25 average cost rose QoQ to A$178/t, driven by Unit: RMB/t 171 178 Springvale’s temporary GAOHE ▪ 3Q25 total cost decreased to 161 156 uplift from the longwall RMB 375/t at Gaohe
Slide 35: Global thermal coal market
Mining Business: Global thermal coal market NEXT GEN. MINING Demand trends COAL DEMAND AND SUPPLY CHANGE – 2025e VS 2024 Global coal demand remains resilient, driven by restocking, industrial activity, and constrained supply, though high inventories may curb spot demand. The Unit: Mt Demand Supply o
Slide 36: Power+
Power+
Slide 37: Power+: Energy generation, 4,920 MW committed capacity
Power+: ENERGY GENERATION 4,920 MW committed capacity CHINA 3,935 MW 548 MWe CHP JAPAN committed thermal equity capacity (618 MWe gross) 58 MW RE 396 MW SLG IPP (1,320 MW gross) 363.4 MW RE 984 MW committed renewables capacity LAOS 751 MW HPC IPP VIETNAM 209 MW RE 555 MW solar power (1,878 MW gross)
Slide 38: Temple I and II: performance highlights
Thermal Power: POWER+ Temple I and II: performance highlights OPERATIONAL PERFORMANCE FINANCIAL PERFORMANCE Unit: US$M Asset Information: (100% interest) QoQ: +17% Total revenue Net generation (GWh) YoY: -5% QoQ: +16% Temple I & II are combined cycle Merchant HRCO(1) + SS(2) YoY: +27% gas-fired powe
Slide 39: Thermal Power: 3Q25 updates
Thermal Power: POWER+ 3Q25 updates HPC BLCP Maintain high EAF, and higher profit sharing Maintain high EAF, while lower share of profit was driven mainly due to a high FX loss recorded last year. by lower FX gain. EAF(1) EAF 92% 99% (-1% YoY) (+0% YoY) THB 5.4 bn Revenue THB 4.4 bn Revenue Share of
Slide 40: Future Tech.
Future Tech. BANPU
Slide 41: Future Technology: 3Q25 portfolio
Future Technology FUTURE TECHNOLOGY 3Q25 portfolio INFRA SERVICES NET-ZERO SOLUTIONS NEW BUSINESS & INVESTMENT Utility-scale Renewables Solar: rooftop & floating Battery manufacturing 673 MW 311 MW 3.2 GWh Committed capacity Committed capacity Production capacity Energy efficiency Battery Energy Sto
Slide 42: Renewables: 3Q25 updates
Renewables: POWER+ 3Q25 updates Vietnam Solar & Wind China Solar – New Development China Solar Maintain power sold with higher profit contribution. Nhon Hai Solar & Jinhu Qianfeng Solar Farm El Wind Mui Dinh Power sold ▪ Integrated aquavoltaic project 58 GWh Higher power sold led by El (0% YoY) ▪ Lo
Slide 43: Battery Energy Storage System (BESS) portfolio and 3Q25 updates
Battery Energy Storage System (BESS): POWER+ BESS Portfolio & 3Q25 updates UPDATE: NEW DEVELOPMENTS: PORTFOLIO OVERVIEW First COD of Japan BESS Australia BESS: Wooreen BESS Project 1,900 MWH Iwate Tono BESS Acquired 50% stake in Wooreen Energy Total committed capacity Storage System in Latrobe Valle
Slide 44: Energy trading 3Q25 updates
POWER+ Energy trading: Energy trading 3Q25 updates ENERGY TRADING IMPLEMENTED MARKETING & SALES STRATEGY, SECURING SUPPLY DEALS VIA TENDERS AND OPTIMIZING ARBITRAGE IN HIGHLY LIQUID PHYSICAL AND FINANCIAL MARKETS 5,325 GWh 5,325 GWh 1,875 clients 9 utility areas 9M25 accumulated accumulative sales d
Slide 45: Solar Rooftop 3Q25 updates
FUTURE TECH Solar Rooftop: Solar Rooftop 3Q25 updates BANPU NEXT, AMATA VN, AND SOLARBK FORM PARTNERSHIP TO DEVELOP SOLAR ROOFTOP SYSTEMS ACROSS AMATA INDUSTRIAL PARKS IN VIETNAM ADVANCING BANPU NEXT’S NET ZERO COMMITMENT 227 MW ❑ Expands C&I rooftop footprint in high-growth market, Combined rooftop
Slide 46: Appendix I: Transaction
BANPU Appendix | TRANSACTION
Slide 47: New Banpu: post-amalgamation benefits
New Banpu: post-amalgamation benefits Simplified structure Enhanced agility, Realization of enabling distinct execution flexibility, full asset value strategies and optionality Asset revaluation to Distinct strategies and Enabling faster decisions, unlock true market unique roles for each value crea
Slide 48: Amalgamation of Banpu and BPP
Amalgamation of Banpu and BPP Swap of all shares in Banpu PCL and BPP into shares in a ‘NewCo’ and list NewCo shares on the Stock Exchange of Thailand (“SET”) The amalgamation will simplify the listing structure by eliminating the two-tier PCL and dual listing status, which will enhance efficiency,
Slide 49: General Offer
General Offer Banpu to make General Offer for all minority shares in BPP (approximately 21.3% of total issued and paid-up shares) The general offer provides Banpu with an opportunity to invest in a high-conviction business within the group, decreases potential dilution to Banpu’s shareholders from t
Slide 50: BPP executes a sale of 25% in US-based power generation JV to BKV (1/2)
BPP executes a sale of 25% in US-based power generation JV to BKV (1/2) BPP subsidiary plans to sell a 25% membership interest in the US-based power generation JV, BKV-BPP Power, LLC (BKV-BPP Power), to BKV for consideration of US$376 M, less 25% of the JV’s net debt as of the closing date. This wil
Slide 51: BPP executes a sale of 25% in US-based power generation JV to BKV (2/2)
BPP executes a sale of 25% in US-based power generation JV to BKV (2/2) BPP subsidiary plans to sell a 25% membership interest in the US-based power generation JV, BKV-BPP Power, LLC (BKV-BPP Power), to BKV for consideration of US$376 M, less 25% of the JV’s net debt as of the closing date. This wil
Slide 52: Approval agendas
Approval agendas Meeting Key Agenda Voting Requirement To approve the following and relevant authorization the amalgamation >75% Banpu of shareholders attending EGM the capital increase and allocation of 5 newly issued shares the meeting and entitled to on a private placement basis for the pur
Slide 53: Banpu group restructuring timeline
Banpu group restructuring timeline 2025 2026 OCT NOV DEC JAN FEB MAR Q2 Q3 Q4 29 Oct 1 – 23 Dec General Banpu’s BOD GO Period Offer ▪ Approval on general offer (15 business days) of BPP shares Sale & 29 Oct 29 Jan By Q1’26 Purchase of BPP’s BOD BPP’s EGM Completion of sale of ▪ Propose to EGM for ▪
Slide 54: Appendix II: General & Operational
Appendix II GENERAL & OPERATIONAL
Slide 55: 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 NEXT GEN MINING POWER+ FUTURE TECH. New S-Curve in Mining Thermal
Slide 56: Renewable Power & BESS: >1 GW committed capacity
Renewable Power & BESS: >1 GW committed capacity 984 MW RENEWABLES committed renewables capacity CHINA 363.4 MW RE JAPAN 555 MW solar power 20 MWh BESS 58 MW RE 241 MWh BESS (274 MWh gross) 311 MW rooftop and floating solar 118 MW wind power VIETNAM 209 MW RE 1,150 MWh BATTERY ESS THAILAND US commit
Slide 57: 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 58: 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 59: 2024 Decarbonization Achievements
Banpu: 2024 Decarbonization Achievements NEXT-GEN MINING DECARBONIZED GAS POWER Sustainability is at the heart of Banpu with a strong Emission Pad of the Emission commitment to achieve Reduction Initiatives Future Program Reduction Initiatives CHINA CHP NET ZERO 91.64 ktpa 139 ktpa Emissions reduced
Slide 60: 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 61: 3Q25 Net-Zero Solutions
Energy Management Services: FUTURE TECH 3Q25 Net-Zero Solutions THAILAND GREENHOUSE GAS MANAGEMENT ORG. BANPU NEXT HAS BEEN CERTIFIED AS A CARBON-NEUTRAL ORGANIZATION BY THE THAILAND GREENHOUSE GAS MANAGEMENT ORGANIZATION (TGO). ADVANCING BANPU NEXT’S NET ZERO COMMITMENT 2,106 tCO2 ❑ Verification of
Slide 62: Integrated energy solutions 2025
Banpu: ‘Integrated energy solutions’ 2025 US CLOSED-LOOP GAS POWER+ FUTURE TECH. Rooftop & Floating Solar CCUS 287 kt CO2e Utility-scale 311 MW Committed capacity Since first injection Renewables in 4Q23 673 MW BESS Committed capacity Shale Gas 1,150 MW Committed equity capacity 829 MMcfed* Net prod
Slide 63: Quarterly output summary
Banpu Coal: Quarterly output summary AUSTRALIA OPERATIONS: COAL OUTPUT (MT) – ROM OUTPUT ON EQUITY BASIS Mines CV (kcal/kg) 1Q25 2Q25 3Q25 4Q25e Western operations 1.0 1.5 0.6 1.3 Springvale 6,700 0.4 1.0 0.3 0.9 Clarence 6,700 0.3 0.4 0.2 0.3 Airly 6,700 0.3 0.1 0.1 0.1 Northern operations 0.3 1.0
Slide 64: Banpu Australia Coal: Quarterly equity ROM output
Banpu Australia Coal: Quarterly equity rom output Total equity ROM (Mt) 2.5 2.2 2.3 2.3 1.0 NORTHERN 0.7 0.8 1.6 1.5 1.0 1.4 1.3 0.6 0.3 0.8 0.9 1.5 1.5 1.5 1.3 WESTERN 1.0 1.0 0.6 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 M
Slide 65: China Coal Outlook: Coal imports recover amid domestic supply constraints
China Coal Outlook: Coal Imports recover amid domestic supply constraints CHINA THERMAL COAL IMPORTS/EXPORTS* 3Q25 Unit: Mt ▪ China’s economic recovery remains weak, with supply-side reforms curbing industrial Quarterly (annualized) Annually output and dragging down key indicators. GDP grew 4.8% YoY
Slide 66: India Coal Outlook: Strong domestic coal output curtails imports
India Coal Outlook: Strong domestic coal output curtails imports INDIA THERMAL COAL IMPORTS* 3Q25 Unit: Mt ▪ India’s total electricity generation reached 391.8 TWh in 3Q25 remained flat year-on- year as an extended monsoon helped suppress power demand. Quarterly (annualized) Annually ▪ Imported coal
Slide 67: 4Q25 indicative guidance for Gas & CCUS Business
US gas-CCUS: 4Q25 indicative guidance for Gas & CCUS Business ILLUSTRATIVE AND INDICATIVE ONLY UNIT GUIDANCE FOR GAS BUSINESS (US$/MCFE) COMMENTS REVENUE Net production (Mmcfd) 885-935 NET BACK Average differential to Henry Hub $(0.55) - $(0.65) Difference selling points and Henry Hub (NYMEX basis)
Slide 68: Appendix III: Financial
Appendix III FINANCIAL Zw U
Slide 69: FX impact analysis guidance on P&L
Banpu: FX impact analysis guidance on P&L CURRENCY EXPOSURE NPAT IMPACT 3Q25 (US$M) APPROXIMATE FX EXPOSURE (US$M) NPAT 5% SENSITIVITY 4Q25 (US$M) Assuming 5% depreciation of local Net liability Net asset currencies against USD -3,000 THB 105 ▪ BOT lower forecast 2025 Banpu: AUD asset, GDP at 2.2% T
Slide 70: Balance sheet – 3Q25
Banpu consolidated financials: Balance sheet – 3Q25 3Q25 CONSOLIDATED FINANCIAL POSITION DEBT FX STRUCTURE GEARING RATIOS Unit: US$ M RMB Float Net debt / Equity(1) (x) CASH EQUIVALENT 1% IDR Float 1,533 AUD Float 1% Fixed Coupon Bond 3% 1% THB Float 5% 0.90x 0.79x 0.93x TOTAL BORROWINGS 6,806 USD F
Slide 71: EBITDA breakdown
Banpu group: EBITDA breakdown 300 296 Unit: US$ M & holding 268 303 Consolidated Not consolidated companies 4Q24 1Q25 2Q25 3Q25 100% Australia Coal 65% Indonesia Coal China Coal 50% Future Tech. 79% Power 100% US Closed-loop Gas** AACI OVERHEAD 65 183 6 18 96 86 73 85 63 66 86 84 5 4 4 50% 25 55 84
Slide 72: Net debt breakdown
Banpu group: Net debt breakdown Unit: US$ M Consolidated 5,274 4,477 4,691 4,830 Not consolidated & holding companies Net debt Net cash 4Q24 1Q24 2Q25 3Q25 65% Indonesia Coal 100% Australia Coal 100% Australia Power 79% Power 100% US Gas A$ M A$ M 851 816 899 897 373 148 250 217 231 87 82 70 62 130
Slide 73: Operating profit
Banpu consolidated financials: Operating profit US$ M 3Q25 2Q25 3Q24 QoQ% YoY% Total sales revenues* 1,358 1,237 1,339 10% 1% Sales revenue – Coal** 699 658 844 6% -17% Sales revenue – Gas 218 215 178 1% 22% Sales revenue – Power 241 208 208 16% 16% Sales revenue – Energy Technology 199 154 14 29% 1
Slide 74: Operating profit
Banpu consolidated financials: Operating profit US$ M 3Q25 2Q25 3Q24 QoQ% YoY% Gross profit 280 253 338 11% -17% GPM 20% 20% 25% SG&A (148) (141) (140) Royalty (70) (70) (91) Income from associates 47 49 69 Other income and Dividend 62 35 35 Mining property (8) (11) (11) EBIT 162 116 201 40% -19% EB
Slide 75: Net profit
Banpu consolidated financials: Net profit US$ M 3Q25 2Q25 3Q24 QoQ% YoY% EBIT 162 116 201 40% -19% Interest expenses (86) (88) (90) Financial expenses (4) (4) (2) Income tax (core business) (24) (22) (47) Minorities (23) (20) (55) Net profit before extra items 25 (18) 6 na 287% Non-recurring items*
Slide 76: Banpu: Our Way in Energy
\ BANPU Our Way in Energy