Thai Solar Energy Public Company Ltd · SET:TSE
Thai Solar Energy Public — Q3 2025 Earnings Presentation
31 slides from Thai Solar Energy Public's earnings presentation, Dec 1, 2025
Slide 1: Opportunity Day Q3 2025
OPPORTUNITY DAY Q3 2025 1 December 2025
Slide 2: Agenda
AGENDA 01 COMPANY OVERVIEW 02 HIGHLIGHTS OF Q3 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”) engaged in the business of producing and distributing electricity from renewable energy to government and private companies. Our mission is to establish a strong presence in Thailand’s solar power industry, while also expanding into o
Slide 5: 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 ROOFTOPS - 14 MWPPA
Slide 6: 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 7: <) <1; ® MW lIwaiswisu Zh
/ <) <1; ® 109 MW lIwaiswisu Zh Ea ww GW SSE-PVO1 (8 MW) SSE-PVO2 (8MW) SSE-PVO3(BMW) SSE-PVO4(8MW) SSE-PVO5(8MW) SSE-PVO6(8MW) COD SEP 2013 COD JUL 2013 COD OCT 2013 COD NOV 2013 COD NOV 2013 COD JUN 2014 es SF? . se == SSE-PVO7(8MW) SSE-PVOa(aMW) SSE-PVO9(8MW) SSE-PVIO(8MW) INS (2MW) SSP (@MW) COD
Slide 8: MW Iwaiswisuuuu _/<
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: Tasvmstuus:inalng MW IwaisuuKavnn oss
* 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: Business Plan: Growth & Investment - Health & Wellness 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 Renewable Health Group Solar PV Farms Solar PV Waste to Biomass &
Slide 12: Highlights of Q3 2025
HIGHLIGHTS OF Q3 2025
Slide 13: Highlights of Q3 2025
HIGHLIGHTS OF Q3 2025 Copyright © 2025 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 14: Highlights of Q3 2025: Repowering, Replacement, and Upgrade Efficiency
HIGHLIGHTS OF Q3 2025 Repowering, Replacement, and Upgrade Efficiency Q3 2025 Solar Rooftop • HP-Lopburi • HP-Phrae • HP-Khaoyai Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 15: Highlights of Financial Performance Q3 2025
HIGHLIGHTS OF FINANCIAL PERFORMANCE Q3 2025
Slide 16: Income Statement Q3 2025
Unit: MB. 9M 9M ∆ 9M 3Q 3Q ∆ 3Q INCOME TSE - CONSOLIDATED 2025 2024 (%) 2025 2024 (%) Total revenue 1,013 950 7% 327 316 3% STATEMENT Cost of sales and services (685) (617) 11% (226) (213) 6% Gross profit 328 333 -2% 101 103 -2% Q3 2025 Administrative expenses (91) (117) -23% (34) (43) -21% Operatin
Slide 17: Total Revenue and EBITDA of Q3 2025
TOTAL REVENUE AND EBITDA OF Q3 2025 TOTAL REVENUE (EX-JV) Revenue from sales and service for 3Q 2025 was 327 MB., an increase of 11 MB. or 3% YoY, And a decrease of 14 MB. or 4% QoQ. Revenue from sales and service for 9M 2025 was 1,013 MB., an increase of 63 MB. or 7% YoY. The increase in revenue wa
Slide 18: Net Profit & EPS of Q3 2025
NET PROFIT & EPS OF Q3 2025 NET PROFIT Net profit for 3Q 2025 was 22 MB., a decrease of 50 MB. or 69% YoY, However, an increase of 8 MB. or 57% QoQ. Net profit for 9M 2025 was 100 MB., a decrease of 155 MB. or 61% YoY. Normalized Net profit for 9M 2025 was 100 MB., an increase of 27 MB. or 37% YoY.
Slide 19: D/E Ratio and ROE of Q3 2025
D/E RATIO AND ROE OF Q3 2025 D/E RATIO The D/E ratio of Q3 2025 was 1.60 times, as same as in Q2 2025 and 1.58 times at the end of the previous year. This was due to an increase in borrowings from financial institutions. Nevertheless, at this level, the Group maintains sufficient capacity to secure
Slide 20: Financial Position of Q3 2025
FINANCIAL POSITION OF Q3 2025 TOTAL ASSETS +6% The Group's total assets was 8,152 MB., an increase of 428 MB., or 6% from 7,724 MB. as of December 31, 2024. This growth was primarily driven by revenue from normal operations and the goodwill arising from the healthcare business. TOTAL LIABILITIES +5%
Slide 21: Interest Bearing Debt of Q3 2025 & YE2024
INTEREST BEARING DEBT OF Q32025 & YE2024 Corporate Finance Debenture 359 MB. Debenture Corporate Finance 2,368 MB. 1,173 MB. 1,408 MB. Project Finance Project Finance 1,754 MB. 1,304 MB. TOTAL 4,335 MB. TOTAL 4,031 MB. INTEREST BEARING DEBT • Most of the Group’s IBD of Q3 2025 was from Project Finan
Slide 22: Business Outlook
BUSINESS OUTLOOK Summary of TSE’s Business Plan
Slide 23: Trends & Opportunities
TRENDS & OPPORTUNITIES Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
Slide 24: 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 2050. The Energy Policy and Planning Office (EPPO) of the Ministry of Energy has to conform to the country's roadmap referring the draft
Slide 25: Trends & Opportunities of Renewable Energy in Thailand
9 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: Trends & Opportunities of Renewable Energy in Thailand
TRENDS & OPPORTUNITIES OF RENEWABLE ENERGY IN THAILAND
Slide 27: Business Plan: Growth & Investment
BUSINESS PLAN : GROWTH & INVESTMENT 3 YEARS INVESTMENT PLAN (FY2025-2027) FY2027 Onwards Solar Farm (TH) Healthcare Business M&A Renewable Projects The total MW to be invested in or Solar Farm (TH) (TH) acquired from 2027 onwards will align with the new PDP2024 and Acquired additional 7 Projects TSE
Slide 28: TSE Capacity Growth (2025-2030) – Solar Phase#1 and 2
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 29: ESG Development
ESG DEVELOPMENT The Group remains committed to conducting business on a foundation of sustainability, balancing economic growth, environmental care, and social responsibility under a framework of good and transparent corporate governance. Environmental Social Governance - Reducing waste in Uttaradit
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 (# 2311) info@thaisolarenergy.com www.thaisolarenergy.com Copyright © 2023 Thai Solar Energy Public Company Limited. All Rights Reserved
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