Thai Solar Energy Public Company Ltd · SET:TSE
Thai Solar Energy Public — Q1 2025 Earnings Presentation
31 slides from Thai Solar Energy Public's earnings presentation, Jun 6, 2025
Slide 1: Opportunity Day Q1 2025
OPPORTUNITY DAY Q1 2025 6 June 2025
Slide 2: Agenda
AGENDA 01 COMPANY OVERVIEW 02 HIGHLIGHTS OF Q1 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, expand int
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: > Bond
Slide 6: TSE's Projects
TSE’S PROJECTS TOTAL 62 PROJECTS AND CAPACITY 382.86 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 22.80 MWppa – 3 Plants 229.06 MWppa – 28 Farms 8 MWppa – 1 Floating Total of 117 Mwppa- 17 Projects *B
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: Floating Solar PV 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 Projects 22.80 MW
¥ 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 Q1 2025
HIGHLIGHTS OF Q1 2025 ME Ses SS. SH eT Seca’ os SS ees TERE AS LES. SEL SRS +
Slide 12: Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 13: Income Statement Q1 2025
Unit: MB INCOME TSE - Consolidated Q12025 Q12024 Change ∆ YoY (%) STATEMENT Revenue from sales and service 312 282 11% Subsidy for FiT Premium 14 13 5% Q1 2025 Management service fee income 20 17 16% Total revenue 345 312 11% COGS (225) (203) 11% Gross profit 120 109 10% SG&A (30) (34) -12% Operatin
Slide 14: Total Revenue and EBITDA of Q1 2025
TOTAL REVENUE AND EBITDA OF Q1 2025 TOTAL REVENUE AND SHARE OF PROFIT FROM JV The Group’s revenue for YE2025 was THB 345 million, an increase of THB 33 million or 11% THB 312 million in the previous year, driven by strong performance of solar and biomass power plants, solar module replacement, and n
Slide 15: Net Profit & EPS of Q1 2025
NET PROFIT & EPS OF Q1 2025 NET PROFIT OF Y2023 - Y2025 The group’s net profit of Q1 2025 was 65 MB., a decrease of 32 MB. or 33% from the same period last year. However, excluding the share of profit from joint ventures in Q1/2024 amounting to THB 101 million, the Company’s operating profit improve
Slide 16: D/E Ratio and ROE of Q1 2025
D/E RATIO AND ROE OF Q1 2025 D/E RATIO The D/E ratio of Q1 2025decreased to 1.56 times, a reduction of 0.02 times from 1.58 times at from YE 2024. This reduction in the D/E ratio is due to the successful early redemption of debentures and long-term loans from financial institutions. With this improv
Slide 17: Financial Position of Q1 2025
FINANCIAL POSITION OF Q1 2025 TOTAL ASSETS +2% As of March 31, 2025, the Group’s total assets were THB 7,884 million, an increase of THB 160 million or 2% from THB 7,724 million as of December 31, 2024. The primary reasons were the increase in assets resulting from the acquisition of a subsidiary in
Slide 18: Interest Bearing Debt of Q1 2025 & YE2024
INTEREST BEARING DEBT OF Q12025 & YE2024 TOTAL 4,034 MB. TOTAL 4,031 MB. INTEREST BEARING DEBT Most of the Group’s Interest bearing debt (IBD) was from Corporate Finances, with the proportion of debenture to IBD in Q1 2025 increasing by 31% from 9% in YE2024 to 40%, due to the increasing of short-te
Slide 19: Business Outlook
BUSINESS OUTLOOK Summary of TSE’s Business Plan
Slide 20: Trends & Opportunities
TRENDS & OPPORTUNITIES Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 21: Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 22: Trends & Opportunities of Renewable Energy in Thailand
TRENDS & OPPORTUNITIES OF RENEWABLE ENERGY IN THAILAND Pathway to Thailand’s new PDP2024 The Energy Policy and Planning Office (EPPO) of the Ministry of Energy has announced a public hearing for PDP2024 and AEDP2024, scheduled from June 19 to 23, 2024. According to the draft PDP2024, the plan aims t
Slide 23: Promotion of Renewable Energy under AEDP2018
TRENDS & OPPORTUNITIES OF RENEWABLE ENERGY IN THAILAND The Promotion of Renewable Energy under AEDP2018 – Electricity Sector In 2022-2023, ERC had released regulation to procure Electricity from Renewable Energy using Feed-in-Tariff (FiT) Scheme for 2024-2030. The total capacity is equal to 8,871 MW
Slide 24: Business Plan: Growth & Investment
BUSINESS PLAN : GROWTH & INVESTMENT 3 YEARS INVESTMENT PLAN (FY2025-2027) FY2027 Onwards JV: Waste-to-Energy JV: Solar Farm The total MW to be invested in or Solar Farm (TH) Healthcare Business (TH) (TH) acquired from 2027 onwards will Acquired additional 7 Projects align with the new PDP2024 and TS
Slide 25: Business Plan: Capacity Growth
B U S I N E S S P L A N : GROWTH & INVESTMENT CAPACITY GROWTH Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 26: Health & Wellness – Business Diversification
B U S I N E S S P L A N : GROWTH & INVESTMENT HEALTH & WELLNESS – BUSINESS DIVERSIFICATION TSE’s Strategic Direction The acquisition serves as preliminary step towards TSE’s new strategic direction to become a sustainability business Existing business Potential business Renewable Energy Health Group
Slide 27: Healthcare Business
Healthcare Business • On 3 January 2025, TSE completed the acquisition of 100% of Bangkok Infertility Center Co., Ltd. (BIC), which specializes in obstetrics, gynecology, and infertility treatment (Bangkok IVF Center Clinic), and subsequently changed the company name to Vita Prime Company Limited. •
Slide 28: Health & Wellness – Growth Plan
HEALTH & WELLNESS – GROWTH PLAN Health Group Area Opportunity Health Group Vita Prime Company Limited. IVF Wellness Beauty Pharmaceutical 2024 2025 2026 2027
Slide 29: Key Success Factor and Partnership with External Expert
KEY SUCCESS FACTOR AND PARTNERSHIP WITH EXTERNAL EXPERT Well Established Achievement with Existing Footprint in Thailand Well Accumulated Experience & Expertise Team of Renewable Energy Business in Various Countries Strong Relationship with Partners & Suppliers Strong Relationship with Leading Finan
Slide 30: Q&A
Q&A Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 31: Thank You
THANK YOU Investor Relations +(66) 2 258 4530 – 3 (#2308) info@thaisolarenergy.com www.thaisolarenergy.com
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