Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — Q1 2026 Earnings Presentation
35 slides from Bangchak Corporation Public's earnings presentation, May 15, 2026
Slide 1: Analyst Meeting Q1/2026
Analyst Meeting Q1/2026 May 15, 2026
Slide 2: Disclaimer
Disclaimer group The information contained herein is being furnished on a confidential basis for discussion purposes only and only for the use of the recipient, and may be subject to completion or amendment through the delivery of additional documentation. Except as otherwise provided herein, this d
Slide 3: Pivoting The Core Businesses: Focus on 5 New Business Areas
Pivoting The Core Businesses: Effective from 1 January 2026 onwards Focus on 5 New Business Areas Refinery, Marketing and Trading Business Group Upstream Business Group Power and Infrastructure New Businesses and Holdings Biofuels Business Group Business Group Business Group Asset backed trading to
Slide 4: Agenda
Agenda 01 Bangchak Group Performance 02 1H/2026 Outlook
Slide 5: Q1/2026 Performance Snapshot
Q1/2026 Performance Snapshot (Unit : Million Baht) Total Revenue Accounting EBITDA Accounting EBITDA Breakdown by Business Unit 8% 134,647 123,790 142,528 17,795 12,666 9,154 24% Q1/25 Q4/25 Q1/26 Q1/25 Q4/25 Q1/26 17,795 MB PAT Core Profit * Q1/2026 1% 67% 6,144 4,703 Refinery, Marketing and Biofue
Slide 6: Q1/2026 Performance Snapshot comparing to Q4/2025
Q1/2026 Performance Snapshot comparing to Q4/2025 Accounting EBITDA (Unit : Million Baht) R&M and Biofuels Trading Upstream Power & Infrastructure 12,316 408 1,563 5,030 5,814 Bio-Based 288 243 6,625 1,277 10,245 4,308 Marketing 1,751 4,345 1,800 903 1,589 1,396 Refinery 3,185 199 257 266 (193) (51)
Slide 7: New Records Achieved in Q1/2026
New Records Achieved in Q1/2026 Recurring Synergy & Sales Business EBITDA Crude Run Improvement Volume 17,795 MB 279.8 KBD 3,700 ML 2,800 MB +40% YoY +11.4 KBD compared to Q1/25 +6% YoY +53% YoY driven by refinery, marketing mainly driven by supported by a marked surge driven by refinery activities
Slide 8: EBITDA from Recurring Synergies & Business Improvement
EBITDA from Recurring Synergies & Business Improvement Achieved at THB ~2,800 mn. in Q1/2026 2026 Target 64% Refinery Operations 13% Marketing >7,500 Q1/2026 ~฿1,805 mn. THB ~฿375 mn. THB 15% (from 870 mn THB in Q1/25) (from 280 mn THB in Q1/25) 2,800 mn.THB ✓ Increase SRC crude run ✓ Crude full car
Slide 9: Refinery, Marketing and Biofuels Business Group
Refinery, Marketing and Biofuels Business Group Bangchak Group employs a combination of Hydrocracking (HCU) and Fluidized Catalytic Cracking (FCC) techniques in operating two refineries with a combined nameplate capacity of 294 KBD. This strategy aims to maximize Gross Refinery Margin (GRM) within o
Slide 10: Refinery Business Performance
Refinery Business Performance EBITDA EBITDA (MB) Crude RunCrude (KBD) Run (KBD) 10,245 MB (+>100% QoQ) = Crude Run 100% 103% 101% 91% 279.8 KBD (+0.1 KBD QoQ) 85% 90% • Achieved an all-time high crude run to support rising domestic oil demand 10,245 279.8 and enhance national energy security 268.4 2
Slide 11: Refinery Business Update
Refinery Business Update: Refinery Utilization Crude Securement Asphalt Product Enhancement Higher Refinery Utilization Achieved Safe Arrival of the 1st Crude Oil Tanker Premium Asphalt Grade Blending Plant Crude Run from the Strait of Hormuz to Thailand 100% Construction Progress as of May 2026 (KB
Slide 12: Refinery Business Update: 1st Neat SAF Producer in Thailand
Refinery Business Update: 1st Neat SAF Producer in Thailand Used Cooking Oil (UCO) Production Production Capacity CAPEX No CIT for 8 years Comply with Sustainability Standards Collection 7 KBD (1 ML/Day) 8.5 bn.THB 50% tax deduction for the next 5 years Domestic Procurement Target Production SAF Ble
Slide 13: Biofuel Business Performance
Biofuel Business Performance EBITDA (MB) Avg. Market Price (Baht/Liter) Source: EPPO B100 EBITDA Ethanol 408 MB (+68% QoQ) • Driven by improved production efficiency and feedstock cost management 46.2 37.1 36.9 in Ethanol Business 408 288 243 Ethanol Business 22.0 19.8 20.8 • Sales volume growth (+6
Slide 14: Marketing Business Performance
Marketing Business Performance EBITDA (MB) Sales Volume by Market (ML) EBITDA 1,563 MB (+22% QoQ) Retail Industrial • Record-high sales volumes, driven by March volume uplift 3,498 3,615 3,700 Sales Volume (ML) 1,751 2,103 2,103 2,196 3,700 ML (+2% QoQ) 1,563 1,277 Retail 2,196 ML (+4% QoQ) • Suppor
Slide 15: Marketing Business Update
Marketing Business Update: Retail Market Industrial Market Staying Competitive amid Middle East Energy Disruptions ✓ Continued portfolio optimization and scaled B20 penetration in industrial segment ✓ Focused on High-Value Product growth (Solvents, Marine Fuels) and Jet fuel opportunity capture amid
Slide 16: Trading Business Group
Trading Business Group Established in Singapore in 2016, BCP Trading Pte Ltd has grown strongly and, in 2025, expanded with BCPT FZCO in UAE to build a class-leading global trading portfolio in crude oil, petroleum products, and sustainable biofuels. Enhance profit generation throughout the entire s
Slide 17: Trading Business Group Performance
Trading Business Group Performance EBITDA (MB) Business Update EBITDA 266 MB (+4% QoQ) Proactively sourced alternative crude • Lower operating expenses compared to Q4/25, fully during the Strait of Hormuz disruption & offsetting volume and margin pressures Prepared oil product supply to support new
Slide 18: Upstream Business
Upstream Business Leverage OKEA’s expertise developed in Norway to drive value across the Asia-Pacific region OKEA 45.58% owned by BCP Asia Pacific OKEA's Unit of Production Future plan to establish a position as a (KBOEPD) leading mid-life asset operator in SEA Reserves (MMBOE) as of 31 December 20
Slide 19: Upstream Business Group Performance
Upstream Business Group Performance EBITDA (MB) Revenues from Crude Oil & Gas Sales (MB) NBP Gas and Brent Price (USD/BOE) 150 Brent NBP Gas 100 9,047 8,337 50 6,625 2025 Jan-Apr 2026 4,308 3,307 1,800 EBITDA Q1/25 Q4/25 Q1/26 Q1/25 Q4/25 Q1/26 4,308 MB (+>100% QoQ) • driven by production and sales
Slide 20: Upstream Business Update
Upstream Business Update Creating Realizing Value through Strategic Expansion OKEA ASA 45.58% owned by BCP SE ASIA Key Updated Fields Strong Production Guidance Growth-focused, looking to establish a position Operator Draugen Unit of Production [KBOEPD] as a leading mid-life asset operator in SEA Pa
Slide 21: Power & Infrastructure Business
Power & Infrastructure Business 57.81% owned by BCP Asia-Pacific’s leading renewable energy company with solar, hydro, and wind businesses. In 2023, BCPG expanded into the United States through investment in combined-cycle gas turbine power plants. Building on its clean power foundation, Bangchak Gr
Slide 22: Power & Infrastructure Business Group Performance
Power & Infrastructure Business Group Performance EBITDA (MB) Sellable Output Breakdown by Power Types Solar - TH (91.0 GWh) EBITDA Wind – TH (3.5 GWh) 1,396 MB (-12% QoQ) 4% Wind – LA (252.4 GWh) EBITDA declined, primarily reflecting seasonal factors impacting hydro power 1,989.2 plants and wind po
Slide 23: Financial Resilience Amidst Volatile Oil Prices
Financial Resilience Amidst Volatile Oil Prices Resilience Data as of 31 Mar 2026 Cash(1) Asset Debt(2) EBITDA LTM(3) 25,765 MB 339,836 MB 109,699 MB 40,881 MB Remark: (1)Including S/T investment (2)L/T loans and debentures (included current portion of L/T loans and debentures) and S/T loans from fi
Slide 24: Capital Allocation
Capital Allocation Note: CAPEX includes only maintenance, growth, and projects in the pipeline, and excludes all M&A investments. 24
Slide 25: Agenda
Agenda 01 Bangchak Group Performance 02 1H/2026 Outlook
Slide 26: 1H/2026 Outlook
1H/2026 Outlook Refinery , Marketing and Biofuels Business Power & Infrastructure Upstream Chevron Hong Kong Refinery MarketingMarketing Biofuels Business Business Business Operating GRM ($/BBL) Sales Volume (ML) Sales Volume (ML) Capacity Revenue ($/MW-Day) B100 & Ethanol Commodity Market Prices +2
Slide 27: Thank You
BANGCHAK CORPORATION PUBLIC COMPANY LIMITED 2098 M Tower Building, 8th Floor, Sukhumvit Road, Phra Khanong Tai, Phra Khanong, Bangkok 10260 Thailand. Tel. +66 2335 8663/ 8662 / 8040 / 4231 Email: ir@bangchak.co.th Corporate Website IR Website THANK YOU
Slide 28: Bangchak's Historical Dividend
Bangchak’s Historical Dividend Dividend Policy: ≥ 30 percent of net profit after deduction of allocation of legal reserve However, this is subject to the economic situation, the Company’s cash flow and investment plans of the Company and its subsidiaries according to the necessary, appropriation and
Slide 29: EBITDA Structure (Consolidated)
EBITDA Structure (Consolidated) Unit: THB Million Q1/2025 Q4/2025 Q1/2026 QoQ YoY Total Revenue 134,647 123,790 142,528 15% 6% Refinery, Marketing and Biofuels Business Group 1/ 109,841 103,283 123,733 20% 13% Trading Business Group 2/ 75,095 68,404 66,380 -3% -12% Upstream Business Group 3/ 9,047 3
Slide 30: Profit and Loss (Consolidated)
Profit and Loss (Consolidated) Consolidated Statement of Income (THB Million) Q1/2025 Q4/2025 Q1/2026 QoQ YoY Revenue from sale of goods and rendering of services 134,647 123,790 142,528 15% 6% Cost of sale of goods and rendering of services (125,379) (115,753) (115,169) -1% -8% Gross Profit 9,268 8
Slide 31: Financial Ratio (Consolidated)
Financial Ratio (Consolidated) Q1/2025 Q4/2025 Q1/2026 Profitability Ratios (%) Gross Profit Margin 6.90% 6.52% 20.85% EBITDA Margin 9.44% 7.43% 13.56% Net Profit Margin 1.99% 1.94% 5.47% Return of Equity (ROE) 2.73% 4.55% 10.26% Efficiency Ratio (%) Return on Assets (ROA) 8.05% 3.55% 6.00% 31 Mar 2
Slide 32: Q1/2026: Core Profit to BCP (Excluding Extra Items)
Q1/2026: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = -5,191 MB (after tax net to BCP) 366 (1,815) 6,640 6,144 953 Core PAT Inventory FX Gain One-time items PAT Q1/26 Gain & NRV Q1/26 One-Time 100% After Tax Net to BCP BSRC – revalued of investment (1,233) (1,784) BCP&BSRC Impai
Slide 33: Complementary Refinery Portfolio
Complementary Refinery Portfolio Q1/2026 Q1/2026 Q1/2026 Phra Khanong Refinery Sriracha Refinery Bangchak Group Crude Run (Utilization Rate) 122 KBD (101%) 158 KBD (91%) 280 KBD (95%) 2% 6% 4% 22% 26% 11% 30% 8% 10% Product Yield 49% 43% 39% 6% 10% 3% 9% 10% 3% 2% Q1/26 Q1/26 Q1/26 Crude Source 22%
Slide 34: Crude Oil Price Outlook
Crude price to move around 80-100 $/BBL in 2H26, assuming the Strait of Hormuz remains closed until June Crude Oil Price Outlook : before gradually reopening. Supply recovery to pre-war levels may take several months, keeping prices elevated before easing toward year-end. Policy and geopolitical unc
Slide 35: Oil Outlook
Oil Outlook Products price will be gradually softer through the end of the year following the reopening of Strait of Hormuz (SoH), but at healthy level. Gasoline crack expected to remain healthy, as supply recovery will take time even after the Strait of Hormuz reopens. Gasoil crack likely to stay h
Bangchak Corporation Public Company — Q1 2026 Earnings Presentation on 6ix