Tpi Polene Public Co. Ltd. · SET:TPIPL
Tpi Polene Public — 9M 2025 Earnings Presentation
50 slides from Tpi Polene Public's earnings presentation, Nov 24, 2025
Slide 1: SET Opportunity Day TPI Polene Presentation 9M/3Q 2025 Performance
SET Opportunity Day TPI Polene Presentation 9M/3Q 2025 Performance SET Opportunity Day
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: Group Profile
Group Profile 24 November 2025 SET Opportunity Day 3
Slide 4: Key Assets Featuring ESG Ventures for Sustainability
Key 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 basi
Slide 5: Initiatives
Initiatives Green Cement & Green Building Products Innovative Specialty Polymers Bio-organic Products for Food Safety & Food Security Green Energy & Power Capacity Cost efficiency via plant retrofitting 24 November 2025 SET Opportunity Day 5
Slide 6: Sustainability, Innovative Products
Sustainability, Innovative Products Green Cement/ Green Building Products* Green Innovation: HVA Products Food Safety/Food Security …towards regenerative agriculture In conversation to enter the US market > 80% of segment sales Introduced 3Q24 24 November 2025 SET Opportunity Day 6
Slide 7: Green Energy – solar farms and roofs
Green Energy – solar farms and roofs 57MWac/69MWdc Long term PPA with TPIPL Raise electricity self-sufficiency; raise ratio of green energy in cement production 24 November 2025 SET Opportunity Day 7
Slide 8: 9M/3Q 2025 Performance Highlights
9M/3Q 2025 Performance Highlights Group sales dropped slightly due lower contribution from Energy & Utilities and weak seasonality in ConsMat Normal operating profit rose significantly from margin improvement in the ConsMat Division EBITDA is up high single digit; excluding FX and one-time charge in
Slide 9: 9M 2025 Performance Snapshot
9M 2025 Performance Snapshot Common Size THB million 9M 2024 9M 2025 % Y/Y 9M 2024 9M 2025 Sales 26,940 26,415 -2% 100.0 100.0 COGS (inc dep'n) (21,021) (19,337) -8% (78.0) (73.2) Gross Profit (1) 5,919 7,078 20% 22.0 26.8 SG&A * (2) (3,456) (3,482) 1% (12.8) (13.2) Gross Profit - SG&A* (1+2=3) 2,46
Slide 10: Division Sales
Division Sales The growth in ConsMat, Petrochemicals & Chemical sales partially offset the negative sales growth from the Energy & Utilities Growth in the ConsMat sales was driven by better domestic volumes, higher price (via lower discount) underpinned largely by the normalization of government cap
Slide 11: Division Profitability - EBITDA
Division Profitability - EBITDA One-time litigation expense THB479 million The Group’s EBITDA including forex effect rose 9% Y/Y and the corresponding margin improved to 26.2% from 23.7% the same period last year Group’s EBITDA including FX but without the one time expense would increase 16% and the
Slide 12: 2025 Quarterly Performance Snapshot
2025 Quarterly Performance Snapshot In the three quarters of 2025, gross profit including other income exceeds THB2 billion and the gross profit margins have been improving sequentially even as overall sales have been slower due to lower contribution from power and seasonality in ConsMat This is tha
Slide 13: 2025 Quarterly Performance – By Segment
2025 Quarterly Performance – By Segment ConsMat EBITDA without one-time expense was THB1.4 billion, +24% Q/Q and the EBITDA margin was 28%. Energy & Utilities EBITDA while lower Y/Y has begun showing improvement Q/Q post adder regime 24 November 2025 SET Opportunity Day 13
Slide 14: Segment Contribution Changed in 2025
Segment Contribution Changed in 2025 ConsMat is now the main Sales and EBITDA contributor Power & Utilities EBITDA contribution diminished from 54% in 2024 to 44% in 3Q 2025. 24 November 2025 SET Opportunity Day 14
Slide 15: Leverage manageable – 3Q 2025
Leverage manageable – 3Q 2025 Net IBD/EBITDA = 7.91x TPIPL TRIS rating BBB; Stable TPIPP TRIS rating BBB; SACP “a” Cash & cash equivalents was THB8,373 million, end of 3Q 2025 Book value per share = 3.50 baht, end of 3Q 2025 * EBITDA based on trailing four quarters 24 November 2025 SET Opportunity D
Slide 16: Industry Backdrop
Industry Backdrop 24 November 2025 SET Opportunity Day 16
Slide 17: Gov’t capex spending improved
Gov’t capex spending improved The government capex spending pulled up in Aug-Sep – the close to the fiscal year – as we expected Capex spending by SoEs improved in Sep but still below the 2022-23 average Private sector construction in residential market declined but non residential construction impr
Slide 18: Manufacturing outlook remains soft
Manufacturing outlook remains soft Global ASEAN PMI doing better vs Global 24 November 2025 SET Opportunity Day 18
Slide 19: Soft manufacturing means spreads to stay low
Soft manufacturing means spreads to stay low 24 November 2025 SET Opportunity Day 19
Slide 20: Petrochem division to continue the switching strategy
Petrochem division to continue the switching strategy EVA was the focus in 3Q 2025 Utilization rate tracking FY target 24 November 2025 SET Opportunity Day 20
Slide 21: Energy prices remain manageable
Energy prices remain manageable Coal prices off the 2021/22 highs… … and gas prices also remain low Sequentially higher reflecting Source: tradingeconomics.com seasonality but still lower than the same period last year 24 November 2025 SET Opportunity Day 21
Slide 22: Environment, Social and Governance Update
Environment, Social and Governance Update Significant Strides in Towards Sustainability 24 November 2025 SET Opportunity Day 22
Slide 23: TPIPL Group Flow to Carbon Neutrality
TPIPL Group Flow to Carbon Neutrality 24 November 2025 SET Opportunity Day 23
Slide 24: The Path To Net Zero In TPI Green Cement and Mortar
The Path To Net Zero In TPI Green Cement and Mortar Low hanging Deep technology TPIPL’s Task Force on Climate-Related Financial Disclosure 2023 24 November 2025 SET Opportunity Day 24
Slide 25: Green Products
Green 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) 24 November 2025 SET Opportunity Day 25
Slide 26: Green Products
Green Products TPI Polene is the 1st to introduce Mortar Cement to Thailand in 1996 24 November 2025 SET Opportunity Day 26
Slide 27: Green Products – Wood Substitute
Green Products – Wood Substitute 24 November 2025 SET Opportunity Day 27
Slide 28: Replacing coal with MSW in the clinker production process
Replacing coal with MSW in the clinker production process For more details: Link https://drive.google.com/file/d/1h3yYa8c2eoeSM7U2NZ-Ut_qmICfdJyU-/view?usp=share_link * Other local cement producers use IW – industrial wastes 24 November 2025 SET Opportunity Day 28
Slide 29: Green Products
Green Products 24 November 2025 SET Opportunity Day 29
Slide 30: CDE for Limestone Scrap – reducing mineral waste
CDE for Limestone Scrap – reducing mineral waste For more details: https://www.cdegroup.com/about/case-studies/tpi-thailand 24 November 2025 SET Opportunity Day 30
Slide 31: Process innovation
Process innovation Increases thermal efficiency; rapid quenching results in higher strength of cement This technology lowers energy usage, increases the textural strength of Saves fuel the cement, shortens processing time 24 November 2025 SET Opportunity Day 31
Slide 32: Green Energy – Zero Fossil by 2026
Green Energy – Zero Fossil by 2026 Mission to No Emission 150MW CFPP converted to WTE-MSW Boiler 8 A, B & C Progress: 8C COD 2/2025 8B COD 8/2025 8A COD 11/2025 24 November 2025 SET Opportunity Day 32
Slide 33: Full Electrification by 2027
Full Electrification by 2027 24 November 2025 SET Opportunity Day 33
Slide 34: Electrification of Trucks
Electrification of Trucks 24 November 2025 SET Opportunity Day 34
Slide 35: Validation and Corporate Merits
Validation and Corporate Merits Moved higher from 2023 “AAA” is the highest SET ESG rating 24 November 2025 SET Opportunity Day 35
Slide 36: TPIPL and TPIPP Are Constituents of ESG100 of Thaipat
TPIPL and TPIPP Are Constituents of ESG100 of Thaipat 24 November 2025 SET Opportunity Day 36
Slide 37: United Nations Global Compact
United Nations Global Compact 24 November 2025 SET Opportunity Day 37
Slide 38: 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 39: TPIPL Cement Boards - Green Label
TPIPL Cement Boards - Green Label 24 November 2025 SET Opportunity Day 39
Slide 40: Certification: IS 13601 (India) only one in five worldwide
Certification: IS 13601 (India) only one in five worldwide 24 November 2025 SET Opportunity Day 40
Slide 41: Corporate Merits
Corporate Merits 24 November 2025 SET Opportunity Day 41
Slide 42: Corporate Merits
Corporate Merits 24 November 2025 SET Opportunity Day 42
Slide 43: Corporate Merits
Corporate Merits Additional Recognitions in the 2025 Energy Awards 24 November 2025 SET Opportunity Day 43
Slide 44: Corporate Merits
Corporate Merits 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) practices. Business community plays a pi
Slide 45: Corporate Merits
Corporate Merits 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 been codified into the company’s efforts. TPIPP
Slide 46: Corporate Merits
Corporate Merits ESQR – European Society for Quality Research Recognizes those with ethics and initiatives that demonstrates exceptional success in quality management and that maximize the full potential of their services through quality-oriented practices 24 November 2025 SET Opportunity Day 46
Slide 47: Corporate Merits
Corporate Merits 24 November 2025 SET Opportunity Day 47
Slide 48: Corporate Social Engagements
We Build The Corporate Social Engagements Future Experience/Knowledge sharing, crucial to advance industry and society Exposure to new ideas Higher levels of inspiration Improved relationships Sharing of good practices Better decision making More effective communication 24 November 2025 SET Opportun
Slide 49: Litigation Cases
Litigation Cases Case Charge/ Mining Case Plaintiff Company Conducts Site Restoration 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 12.48 mn tons or 1,603 THB m Pending the Supre
Slide 50: The End Thank you Q&A
The End Thank you Q&A 24 November 2025 SET Opportunity Day 50
TPI Polene Public Company — 9M 2025 Earnings Presentation on 6ix