Thai Solar Energy Public Company Ltd · SET:TSE
Thai Solar Energy Public — Q2 2025 Earnings Presentation
30 slides from Thai Solar Energy Public's earnings presentation, Sep 1, 2025
Slide 1: Opportunity Day Q2 2025
OPPORTUNITY DAY Q2 2025 1 September 2025
Slide 2: Agenda
AGENDA 01 COMPANY OVERVIEW 02 HIGHLIGHTS OF Q2 2025 03 BUSINESS OUTLOOK 04 Q&A Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 3: Company Overview
COMPANY OVERVIEW Summary of Company Information
Slide 4: Company Overview
COMPANY OVERVIEW Thai Solar Energy Public Company Limited (“TSE”) was established in 2008 as a producer and supplier of renewable electricity from solar power and biomass to government and private companies. Our mission is to establish a strong presence in Thailand’s solar power industry, while also
Slide 5: TSE's Milestone
TSE’S MILESTONE 2008-2014 2015-2017 2018-2019 2020-2024 2025-Present Solar Farms + Solar Farms (JP) + Merger & Expanding Private PPA Rooftops (TH) Biomass (TH) Acquisition Investment 2008: > Established TSE 2015: > Expanded TSE’s 2018: > COD Biomass 3 projects 2020: > Acquire 2 TH Solar 2025: > Acqu
Slide 6: TSE's Projects
TSE’S PROJECTS TOTAL 62 PROJECTS AND CAPACITY 382.86 MWPPA IN OPERATION : 34 PROJECTS, TOTAL OF 153.80 MWPPA AWARDED NEW PPA : 28 PROJECTS, TOTAL OF 229.06 MWPPA SOLAR PV FARMS & AWARDED NEW PPA SOLAR PV ROOFTOPS BIOMASS FLOATING IN TH SOLAR PV FARMS IN TH 109 MWppa – 16 Farms 14 MWppa – 14 Rooftops
Slide 7: Solar PV Farms in Thailand (109 MW)
¥ Iasumisituus:inalng SSE-PVO1 (8 MW) COD SEP 2013 SSE-PVO7(8BMW) COD MAR 2014 SSE-PVO2 (8MW) COD JUL 2013 SSE-PVO8(8MW) COD JUN 2014 SLCOMW) COD DEC 2016 SSE-PVO3(8MW) COD OCT 2013 SSE-PVO9(8MW) COD APR 2014 Bss (SMW) COD DEC 2016 Mi wae SSE-PVO4(8MW) COD NOV 2013 SSE-PVIO(8MW) COD MAY 2014 Mars (S
Slide 8: Private PPA Solar Project
8 MW Iwaiswisuuuu _/< Tasvmstuus:inalng . ® _? (Private PPA) ‘#5 diudumstag : usin aww sisi Wandv sia fdvlasvms: GauanawassunUunsus (KIZ) ? fhavlwWauouig: 8 MW } Cop: 25 w.n. 2021 suuuudeyay: Private PPA areadeyen 25 0 i dagyeyr: Sun arsivaa 3d Tay uawwarsuaud Ha Copyright © 2023 Thai Solar Energy P
Slide 9: Solar PV Rooftops
* 4 if Tasvmstuus:inalng 14 MW IwaisuuKavnn oss ww RT-O1 Lopburi RT-02Phrae RT-03 NakornSawan RT-O4Chumporn RT-O5 SuratThani COD SEP 2014 COD FEB 2015 COD JUN 2015 COD SEP 2014 COD DEC 2014 a RT-06 Nakhon SiThammarat RT-07 HatYai RT-08 Ubon Ratchathanee RT-09 Khaoyai RT-10Ekamai-Ramindra COD JUL 201
Slide 10: Biomass 22.80 MW Projects
¥ Iasvaistuus: 22.80 MW IsvlwWiwavviudouDa © BSW (4.6+0.6 MW*) OSWI1 (8.8 MW) OSW2 (8.8 MW) C sigaztdua / Tasums BSW OSW Project #1&2 > dudumslag: uSUN UIaISSA ASU HAA USUN adAMS LWW taaz Sa drAa (Insvms 1 & 2) fihavmswaadiadv/tauauiw: 6.0 MWp/ 5.2 MWppa 19.8 MWp/ 17.6 MWppa aigdeyyr: 200 150 4 tGau
Slide 11: Highlights of Q2 2025
HIGHLIGHTS OF Q2 2025 ME Ses SS. SH eT Seca’ os SS ees TERE AS LES. SEL SRS +
Slide 12: TSE Wins Thailand Energy Award Two Years in a Row
TSE Wins Thailand Energy Award Two Years in a Row. Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 13: Repowering, Replacement, and Upgrade Efficiency
Repowering, Replacement, and Upgrade Efficiency 2024 Solar Rooftop • HP-Surat • HP-Chumphon • HP-Khaoyai 2025 Solar Farm • SSP Solar Rooftop • HP-Lopburi • HP-Phrae • HP-Khaoyai Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 14: Highlights of Financial Performance Q2 2025
HIGHLIGHTS OF FINANCIAL PERFORMANCE Q2 2025
Slide 15: Income Statement Q2 2025
Unit : Thousand Baht INCOME TSE - CONSOLIDATED 1H 2025 1H 2024 ∆ 1H (%) 2Q 2025 2Q 2024 ∆ 2Q (%) Revenue from sales and service 618,538 571,779 8% 306,382 289,941 6% STATEMENT Subsidy for FiT Premium Management service fee income 28,741 39,124 26,786 35,123 7% 11% 14,941 19,592 13,622 18,351 10% 7%
Slide 16: Total Revenue and EBITDA of Q2 2025
TOTAL REVENUE AND EBITDA OF Q2 2025 REVENUE AND SHARE OF PROFIT FROM JV Revenue from sales and service for 2Q 2025 was 341 MB., an increase of 19 MB. or 6% YoY, And a decrease of 3 MB. or 1% QoQ. Revenue from sales and service for 1H 2025 was 686 MB., an increase of 52 MB. or 8% YoY. Total Revenue f
Slide 17: Net Profit & EPS of Q2 2025
NET PROFIT & EPS OF Q2 2025 NET PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT Net profit attributable to Owners of the parent for 2Q 2025 was 14 MB., a decrease of 72 MB. or 84% YoY, And decrease of 50 MB. or 78% QoQ. Net profit attributable to Owners of the parent for 1H 2025 was 78 MB., a decrease o
Slide 18: D/E Ratio and ROE of Q2 2025
D/E RATIO AND ROE OF Q2 2025 D/E RATIO The D/E ratio of Q2 2025 was 1.60 times, a slight increase from 1.56 times at Q1 2025 and 1.58 times at the end of the previous year. This was due to an increase in borrowings from financial institutions and the acquisition of healthcare business. However, with
Slide 19: Financial Position of Q2 2025
FINANCIAL POSITION OF Q2 2025 TOTAL ASSETS +5% The Group's total assets was 8,083 MB., an increase of 359 MB., or 5% from 7,724 MB. as of December 31, 2024. The increase was driven by the investment in the Healthcare business and the land acquisition for the awarded Solar Big Lot project. This refle
Slide 20: Interest Bearing Debt of Q2 2025 & YE2024
INTEREST BEARING DEBT OF Q22025 & YE2024 Corporate Finance Debenture Corporate Finance Debenture 359 MB. 1,171 MB. 1,482 MB. 2,368 MB. Project Finance Project Finance 1,626 MB. 1,304 MB. TOTAL 4,279 MB. TOTAL 4,031 MB. INTEREST BEARING DEBT Most of the Group’s IBD of Q2 2025 was from Project Finance
Slide 21: Business Outlook
BUSINESS OUTLOOK Summary of TSE’s Business Plan
Slide 22: Trends & Opportunities
TRENDS & OPPORTUNITIES Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 23: Trends & Opportunities of Renewable Energy in Thailand
TRENDS & OPPORTUNITIES OF RENEWABLE ENERGY IN THAILAND Thailand has committed to achieving carbon neutrality by 2050 and net-zero greenhouse gas (GHG) emissions by 2065. The Energy Policy and Planning Office (EPPO) of the Ministry of Energy has to conform to the country's roadmap referring the draft
Slide 24: Trends & Opportunities of Renewable Energy in Thailand
TRENDS & OPPORTUNITIES OF RENEWABLE ENERGY IN THAILAND
Slide 25: Trends & Opportunities of Renewable Energy in Thailand
6 TRENDS & OPPORTUNITIES OF RENEWABLE ENERGY IN THAILAND The Policy Commitment under PDP 2018 Rev.1 In 2022-2023, ERC had released regulation to procure Electricity from Renewable Energy using Feed-in-Tariff (FiT) Scheme for SCOD during year 2024-2030. The total capacity of bidding RE Big lot is equ
Slide 26: Business Plan: Growth & Investment
BUSINESS PLAN : GROWTH & INVESTMENT 3 YEARS INVESTMENT PLAN (FY2025-2027) FY2027 Onwards Solar Private PPA/ ESCO JV: Solar Farm The total MW to be invested in or Solar Farm (TH) Healthcare Business Model/ Direct PPA (TH) acquired from 2027 onwards will Acquired additional 7 Projects align with the n
Slide 27: TSE Capacity Growth (2025-2030)
TSE Capacity Growth (2025-2030) – Solar Phase#1 and 2 (COD date) Project pipeline with +229 MW of additional contracted capacity by 2030 (excluding WTE) ACQUIRE CAPACITY (MW PPA) Solar Farms Solar Rooftops Biomass Solar Biglot Ph#1 Solar Biglot Ph#2 302 136 201 201 153 22 128 128 14 103 93 73 73 30
Slide 28: TSE One Report 2024
TSE ‘ TSE © eairina bers siauosd sian Descente ccumsnumen 2+ 2 y6-1 One Report 2024 uvidassiemeveyaus-d0 / syoruuss
Slide 29: Q&A
Q&A Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 30: Thank You
THANK YOU Investor Relations +(66) 2 258 4530 – 3 (#2311) info@thaisolarenergy.com www.thaisolarenergy.com
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