Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — CLSA 22nd ASEAN Forum 2026
45 slides from Bangchak Corporation Public's conference presentation, March 2026
Slide 1: Accelerating: Pivoting Toward Energy Security & Sustainability
Accelerating Pivoting Toward Energy Security & Sustainability March 2026
Slide 2: 41 Years Towards Sustainable Growth
41 Years Towards Sustainable Growth 1984 1994 Established “Bangchak” 2009 1st Player in Biofuel Business Listed “BCP” in 2011 Invested in OKEA ASA in Norway to expand E&P business 2018 1st solar power plant in Thailand Invested in CCGT Power Plant in USA Invested 76.34% in Bangchak Sriracha 2023 “BS
Slide 3: Bangchak Group Journey 41 Years & Way Forward
Bangchak Group Journey 41 Years & Way Forward 2030 Refinery Operational Excellence 100 Bn.THB Established Brand Recognition Unlocking Value EBITDA Agile & Fast-Moving Organization 2028 Thailand's Smallest Refinery Establish from Cooperative Robust Financial Foundation Best Employer 2X EBITDA Service
Slide 4: Building Value Through Strategic Investment & Divestment
Building Value Through Strategic Investment & Divestment Disciplined Portfolio Optimization 4
Slide 5: 100% Acquisition of Chevron Hong Kong (CHK): Key Acquisition Highlights
100% Acquisition of Chevron Hong Kong (CHK): Key Acquisition Highlights Oil Marketing Financing Expected Businesses Completion Date Initial Bank Loan & 31Retail Fuels Service Stations Bangchak’s cashflow Target EBITDA Consideration Value* Commercial & Industrial from operation Mid-2026 CIC Expected
Slide 6: Chevron Hong Kong (CHK): Transaction Structure
Chevron Hong Kong (CHK): Transaction Structure 100% Purchase from Chevron Share Purchase Agreement (SPA) ▪ CHK operates retail oil business through service stations, industrial Listed on SET fuels, marine fuels business. Chevron Companies (Greater China) Limited ▪ Initial Consideration Value* of 270
Slide 7: Chevron Hong Kong (CHK): Strategic Investment Rationale
Chevron Hong Kong (CHK): Strategic Investment Rationale Rationale: Stable, High-Margin Earnings Base with Strong Cash Flow Visibility Strengthening Bangchak’s Refining & Hong Kong’s retail oil market delivers structurally high and stable marketing margins, supported by free-market competition, provi
Slide 8: Synergies Potential to Bangchak Group
Synergies Potential to Bangchak Group Value Chain Optimization Additional Phra Khanong, Sriracha, Trading & Distribution Production Trading Bangkok Chonburi Transportation Channel to Business Bangchak Group • Uplift Marine Fuel Volume Enhance Trading Volume: Capture Superior Margins in Gas Oil, Gaso
Slide 9: Hong Kong: Oil Market Overview
Hong Kong: Oil Market Overview Hong Kong’s Vehicle Registration2/ 100% Leading population1/ 909K vehicles Oil Import Maritime Hub 7.5 million (~84% being ICE) No refinery in Asia as of Dec 2025 data of 2025 in Hong Kong 5 Players in Retail Market Demand by Product % by Number of Stations ✓ Fully der
Slide 10: Pivoting The Core Businesses: Effective from 1 January 2026
Pivoting The Core Businesses: Effective from 1 January 2026 onwards Focus on 5 New Business Areas 1 2 3 4 5 R&M and Biofuels Trading Business Upstream Business Power & Infrastructure New Businesses Business Business & Holding Thailand leading integrated Asset backed trading to generate SEA leading m
Slide 11: Crafting The Future: Four Focus Areas
Crafting The Future Four Focus Areas The Bold New Targets Pivoting towards Elevating 3-Year Continued Energy Security & Sustainability Our Business Share Buyback Program EBITDA Building: growth 100% by 2028 2028’s Target Integrated R&M, Biofuel, and Future Fuels Continued implementation of Performan
Slide 12: Integrated Refinery & Marketing and Biofuels Business
INTEGRATED Refinery & Marketing and Biofuels Business Bangchak Group employs a combination of Hydrocracking 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 13: Unlocking Synergies: Integrated R&M and Biofuels
Integrated R&M and Biofuels: Optimized Value Chain Refining Platform Biofuel Platform Marketing Platform Blending with Finished Products Phra Khanong, Sriracha, Fuel Production Biofuels Distribution Bangkok Chonburi Biofuel SAF TWO Complex Refineries Sustainable Aviation Fuel Marketing Network Retai
Slide 14: Complementary Refinery Portfolio
Complementary Refinery Portfolio Phra Khanong Refinery Sriracha Refinery 120 KBD Nameplate Capacity 174 KBD 102% 2025 Avg. Utilization Rate 81% 28-Day Planned Slowdown in May Hydrocracking (HCU) Technology Fluidized Catalytic Cracking (FCC) Middle Distillate Product Yield Maximization Gasoline Aspha
Slide 15: Leader in Future Fuels & Energy
Leader in Future Fuels & Energy FLEXIBILITY for SAF & HVO Biofuel Production Capacity No CIT for 8 years Comply with Sustainability Ethanol Plant *By expanding the license 7 KBD (1 Millon Liters/Day) 50% tax deduction for the next 5 years Standards Unit : M. Liters/Year 292 Being Gold Member of 2025
Slide 16: Secure Offtake through Enhanced Marketing
Secure Offtake through Enhanced Marketing Retail Oil Commercial & Lubricant Retail Experience From Strength to Strengths From Superior to Widespread From Subpar to Substantial Grow Fuel & High Margin Enhance High-Value Product Triple Non-Fuel EBITDA Products Market Share by 2028 Foundation: Loyalty
Slide 17: Retail Oil Business: From Strength to Strengths
Retail Oil Business: From Strength to Strengths Key Operating Metrics Driving Customer Growth & Loyalty No. of Service Station (Sites) Thruput per Station (KL/MO) • Leading fuel network with nationwide coverage Network • Expand Strategically in potential area Expansion with Segment-Based Design 2028
Slide 18: Commercial & Lubricant: From Superior to Widespread
Commercial & Lubricant: From Superior to Widespread Key Operating Metrics Strategically Focused on High-Margin Product Growth High-Value Product Market Share (%) Portfolio • Launch new High-Value Products Marine Fuels 2028E Value (Marine B30, Asphalt 40/50, SAF) 2025 33% 35% Asphalt 2028E Chemical 2
Slide 19: Retail Experience: From Subpar to Substantial
Retail Experience: From Subpar to Substantial Key Operating Metrics Tailored Offerings Driven by Local Insights & Site Characteristics Retail Experiences’ EBITDA 2028E • Strengthen communication on Inthanin High-Quality Positioning • Increase stickiness of Inthanin Fan Club and Expand customer 3X ba
Slide 20: Greenovative Experience: The Chlorophyll @Huahin
Greenovative Experience: The Chlorophyll @Huahin 20
Slide 21: 2025 EBITDA Synergy Achieved at THB ~7,300 mn
2025 EBITDA Synergy Achieved at THB ~7,300 mn. FY2024 FY2025 FY2026E ~6,000 mn.THB ~7,300 mn.THB +21% YoY >7,500 mn.THB 85% 15% 24% Recurring Business Synergy 2026E Improvement Corporate Cost Saving 55% ~฿1,800 mn. THB Marketing Network Refinery Operations ~฿1,000 (stable with 2024) 14% ✓ Economies
Slide 22: Trading Business
Trading Business Established in Singapore in 2016, BCP Trading Pte Ltd has grown strongly and expanded with BCPT FZCO in UAE, in 2025, to build a class-leading global trading portfolio in crude oil, petroleum products, and sustainable biofuels. Crude Oil Feedstock Petroleum Petrochemical Biofuels As
Slide 23: Asset-Backed Trading to Capture Untapped Value
Asset-Backed Trading to Capture Untapped Value Enhancing Financial Performance for The Future Growth Engine EBITDA Targets Crude & product Crude / feedstock Unit: mn.THB Shipping Refining Logistics Product sales supply selection 2028E Aspirations 2025 4,400 22-24 ~800 3Y AVG. Limited GRM based Separ
Slide 24: Upstream Business
Upstream Business Mid-to-Late Life Asset Operator in Norway & SEA With investment in upstream petroleum exploration and production (E&P) business through OKEA ASA in Norway since 2018, Bangchak Group has plans to extend our presence in E&P to other regions in the world, built on world class capabili
Slide 25: Unlocking Value through A Disciplined Opportunity-Led Field Strategy
Unlocking Value through A Disciplined Opportunity-Led Field Strategy Extending Field Life through Drilling Disciplined well planning and rapid execution supporting production growth SE Asia Growth-focused, looking to establish Projects in production at OKEA-operated fields a position as a leading mi
Slide 26: Power & Infrastructure Business
Power & Infrastructure Business 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 Group is now advancing
Slide 27: Reinventing The Power Business for A New Era
Reinventing The Power Business for A New Era Future Expansion: Critical Infrastructure 2028 EBITDA Target Digital Infrastructure Current Business • EBITDA growth from USA-CCGT Water Management Circular Economy 7,000 mn.THB • Strong Cash generation Strong Cash/ Performance Baseline Expanding Sustaina
Slide 28: Strengthen Core Portfolio: Power Business
Strengthen Core Portfolio Power Business U.S. Monsoon CCGT Power (857 MW) Wind Power (600 MW) U.S. growth driven by data center demand, Wind power projects in Laos achieved full raising capacity revenue to $333/MW-day COD in August 2025, totaling 289.5 MW on Consistent Upside in Capacity Revenue a B
Slide 29: New Businesses & Holding
New Businesses & Holding To unlocking future growth opportunities & enhanced potential value to Bangchak Group, in new promising technology and innovation with startups both domestic and international, with new additional startups in its portfolio to further the development of the Company’s existing
Slide 30: Financial Strategies for Sustainability
Financial Strategies for Sustainability Margin Uplift Return-Focused Investment Top Tier TSR Futureproof • Drive Performance from Focus on Key Growth Drivers: • Launch 3-Year Share Buyback • Energy Transition Existing Business • Upstream Business Program totaling THB 3.8 Billion – Reduce Carbon Inte
Slide 31: Strategic Pivot: Expand into Hydrocarbon and Critical Infrastructure
Strategic Pivot: Expand into Hydrocarbon and Critical Infrastructure Note: CAPEX includes only maintenance, growth, and projects in the pipeline, and excludes all M&A investments 31
Slide 32: Unlocking True Value through EBITDA Expansion
Unlocking True Value through EBITDA Expansion Obangehak 2x Unlocking EBITDA Target Croszing ~4¥OK EBITDA Baseline Unlocking Value accra fe the Next Growth Level 30-35% Aspirations 30% Power and Infrastructure 5-10% 2028E BAU’s Growth Drivers New Business & aie Refinery & Marketing & Biofuels Holding
Slide 33: Building Momentum into 2026 through Five New Core Businesses
Building Momentum into 2026 through Five New Core Businesses 4 Note: *Crude run included SAF&HVO Production **Assumed contribution after mid-2026 33
Slide 34: Thank You
THANK YOU ir@bangchak.co.th Tel. +66 2335 8663/ 8518 / 8662 / 8040 www.bangchak.co.th Add our LINE official account to get the latest news and more! @bcpir
Slide 35: 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 36: Complementary Refinery Portfolio
Complementary Refinery Portfolio FY2025 FY2025 FY2025 Phra Khanong Refinery Sriracha Refinery Bangchak Group Crude Run (Utilization Rate) 122 KBD (102%) 142 KBD (81%) 264 KBD (90%) 28-Day Planned Slowdown in May 3% 6% 5% 23% 28% 31% 12% 9% 7% Product Yield 49% 40% 44% 6% 9% 3% 8% 9% 3% 1% 2025 2025
Slide 37: Resilience and Credit Rating
Confirmed Credit Rating Resilience Data as of 31 Dec 2025 A + Bangchak Group’s Financial Stability strengthened Confirmed credit ratings by with “Stable” outlook Cash(1) Asset Debt(2) EBITDA LTM(3) 30,369 MB 298,805 MB 122,818 MB 35,753 MB (3)Last 12 Months Remark: (1)Including short-term investment
Slide 38: 2025 Performance Snapshot
2025 Performance Snapshot Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 589,877 507,570 24% 40,409 35,753 43% 2024 2025 2024 2025 35,753 MB 2025 PAT (MB) Core Profit (MB) 16% 3% 14% 2,880 2,184 10,240 6,120 Refinery Marketing Clean Power Bio-Based 2024 2025 2
Slide 39: FY2025 Performance Snapshot comparing to FY2024
FY2025 Performance Snapshot comparing to FY2024 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 8,840 5,962 5,090 24,816 15,966 5,006 5,577 4,817 972 902 2024 2025 2024 2025 2024
Slide 40: Q4/2025 Performance Snapshot comparing to Q3/2025
Q4/2025 Performance Snapshot comparing to Q3/2025 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 4,549 2,891 1,620 1,589 5,007 1,800 1,629 1,311 1,074 4,039 173 806 318 286 235 Q
Slide 41: EBITDA Structure (Consolidated)
EBITDA Structure (Consolidated) Unit: THB Million Q4/2024 Q3/2025 Q4/2025 QoQ YoY 2024 2025 YoY Total Revenue 142,246 123,305 123,790 0.4% -13% 589,877 507,570 -14% Refinery and Trading Business 1/ 119,277 99,851 104,121 4% -13% 492,993 416,913 -15% Marketing Business 2/ 98,078 88,200 90,892 3% -7%
Slide 42: Profit and Loss (Consolidated)
Profit and Loss (Consolidated) Consolidated Statement of Income (THB Million) Q4/2024 Q3/2025 Q4/2025 QoQ YoY 2024 2025 YoY Revenue from sale of goods and rendering of services 142,246 123,305 123,790 0.4% -13% 589,877 507,570 -14% Cost of sale of goods and rendering of services (136,002) (115,131)
Slide 43: Financial Ratio (Consolidated)
Financial Ratio (Consolidated) Q4/2024 Q3/2025 Q4/2025 2024 2025 Profitability Ratios (%) Gross Profit Margin 4.40% 6.63% 6.52% 5.18% 5.57% EBITDA Margin 4.87% 8.33% 7.43% 7.02% 7.06% Net Profit Margin 0.10% 0.65% 1.94% 0.70% 0.48% Return of Equity (ROE) 3.31% 1.17% 4.55% 3.31% 4.55% Efficiency Rati
Slide 44: Q4/2025: Core Profit to BCP (Excluding Extra Items)
Q4/2025: Core Profit to BCP (Excluding Extra Items) Extra Items = -1,839 MB (after tax net to BCP) Unit: MB (2,200) 628 4,056 47 (314) 2,217 Core PAT Inventory FX Gain Gain from One-time items PAT Q4/25 Loss & NRV FV of Derivative Q4/25 Derivatives 100% After Tax Net to BCP One-Time 100% After Tax N
Slide 45: 2025: Core Profit to BCP (Excluding Extra Items)
2025: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = -7,361 MB (after tax net to BCP) (6,149) 10,240 406 (508) (1,110) 2,880 Core PAT Inventory FX Gain Loss from One-time items PAT 2025 Loss & NRV FV of Derivative 2025 Derivatives 100% After Tax Net to BCP One-Time 100% After Tax
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