Banpu Public Co. Ltd. · SET:BANPU
Banpu Public — FY2025 Earnings Presentation
70 slides from Banpu Public's earnings presentation, Mar 4, 2026
Slide 1: 4Q25 & FY25 results
Banpu 4Q25 & FY25 results Investor and analyst update 4th March 2026
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation is intended solely for your reference. This presentation contains “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of
Slide 3: Energy Symphonics Next Chapter
Energy Symphonics Next Chapter
Slide 4: Energy Symphonics: transformation plan in action
Energy Symphonics: transformation plan in action PHASE 2 : 2025 - 26 PHASE 3 : 2025 - 30 PHASE 1 : 2024 - 25 BKV IPO and growth Streamline group structure through Value realization Banpu-BPP amalgamation and new growth initiatives Banpu PCL Remaining BPP Energy Symphonics 2030 Targets shareholders s
Slide 5: Transformation-transaction updates: progress to date
Transformation-transaction updates: progress to date TRACK 1: TRACK 2: Banpu-BPP amalgamation Sale of 25% in US-based IN PROGRESS COMPLETED establish and relist NewCo power generation JV Swap of all Banpu and BPP shares into shares in a ‘NewCo’ and list on SET BPP sold its 25% membership interest in
Slide 6: Impact to Banpu: uplift to financial statements
Impact to Banpu: uplift to financial statements Net Profit to Owners Post-deal Equity Attributable to Owners (US$M) of the Parent, 2025 (US$M) Post-Deal 192 BPP Equity + 32 3,613 113 Pre-Deal 160 + 10 + 19 (24) (61) 3,500 (14) (42) 2023 2024 2025 Net Profit Margins 3.7% (0.3%) (0.8%) (%) +0.6% +0.1%
Slide 7: Banpu NewCo: driving Energy Symphonics to 2030
Banpu NewCo: driving Energy Symphonics to 2030 POWER+ Unlock Value & Enable Growth Platforms NEXT-GEN FUTURE TECH Greater Focus, US MINING RP ORAT O CLOSED- LOOP GAS Greater Synergies E C NEXT-GEN MINING Leverage mining experience to transition to high-value commodities U.S. CLOSED-LOOP GAS Consolid
Slide 8: Energy Symphonics: strategic vision
Energy Symphonics: strategic vision ENERGY SYMPHONICS 2000s 2010s 2020s BASELOAD ENERGY TRANSITION ENERGY FUTURE ENERGY NEXT-GEN MINING ENERGY RESOURCES COAL MINING > STRATEGIC MINERALS > Coal Mining Strategic Minerals DECARBONIZATION No new Natural Gas CCUS investments in Coal and Coal- U.S. CLOSED
Slide 9: Energy Symphonics: the four key pillars
Energy Symphonics: the four key pillars ENERGY SYMPHONICS STRATEGIC FOCUS NEXT-GEN MINING Low-cost miner Tech savvy Future-ready TECHNOLOGY via optimization miner diversify to program with AI-integrated high-value smart operations commodities U.S. CLOSED-LOOP GAS Boost quality upstream asset Capture
Slide 10: Next-Gen Mining: 2025 achievements
Next-Gen Mining 2025 ACHIEVEMENTS 2026 - ENERGY SYMPHONICS Unearthing value responsibly Intelligent Mining Efficient, cost-competitive, and sustainable operations Blended products through technology integration and decarbonization to enhance value through capturing niche market. INDONESIA Operationa
Slide 11: U.S. Closed-loop Gas: 2025 achievements
U.S. Closed-loop Gas 2025 ACHIEVEMENTS 2026 - ENERGY SYMPHONICS Gas-Power-CCUS T E X A S , US | 2 Q 2 5 Strengthen efficiency Barnett Upstream Expansion to improve cost competitiveness and maximize upside from The Winning 836 Mmcfed +1.0 Tcfe favorable US gas outlook GAS Formula net production 1P Re
Slide 12: Power+ Energy Spectrum
2025 ACHIEVEMENTS 2026 - Power+ ENERGY SYMPHONICS Integrated Power BATTERY ENERGY STORAGE SYSTEM & Infrastructure Platform Supercharged BESS expansion Consolidation of all TEXAS, US | 4Q25 power-related businesses +200 MWh under one unified, Integrated First BESS asset in the US integrated platform
Slide 13: Future Tech
Future Tech 2026 - Rooftop & Net Zero Solutions Provider Energy Tech & Floating Solar Energy Efficiency New Investments INTEGRATION OF CVC Cooling solutions C&I Solar development across SEA District cooling Transformation Catalyst Energy Mgmt. Solutions Investment in emerging Venture into new digita
Slide 14: Financial Summary
Financial Summary
Slide 15: 2025 financial highlights & ESG excellence
Banpu: CORPORATE GOVERNANCE 2025 financial highlights & ESG EXCELLENCE ESG GOVERNANCE KEY FINANCIAL METRICS ASEAN Asset Awarded Class PLC Sales Revenue Robust performance with Since 2014 Awarded in 2025 strong contributions from $5,278 M Gas, Power, and Energy Technology offsetting soften ‘Excellent
Slide 16: Sales revenue – 4Q25 and FY25
Consolidated financials: FINANCIALS Sales revenue – 4Q25 and FY25 TOTAL SALES REVENUE TOTAL SALES REVENUE, BY YEAR Unit: US$ M % CHANGE Unit: US$ M % CHANGE QoQ YoY YoY +3% +2% 5,148 5,278 +3% 1,399 6 8 1,368 1,358 Others 350 Others 699 1 5 +618% +247% +34% 1 134 141 777 199 Energy technology Energy
Slide 17: Consolidated EBITDA – 4Q25 and FY25
Consolidated financials: FINANCIALS Consolidated EBITDA – 4Q25 and FY25 CONSOLIDATED EBITDA, BY QUARTER CONSOLIDATED EBITDA, BY YEAR Unit: US$ M Unit: US$ M % CHANGE % CHANGE QoQ YoY YoY +10% +8% -10% 324 1,326 300 296 4 Energy technology Energy technology 5 2 1,191 4 65 +5% -14% +415% 25 233 10 Pow
Slide 18: NPAT – 4Q25 and FY25
Consolidated financials: FINANCIALS NPAT– 4Q25 and FY25 4Q25 NET PROFIT AFTER TAX Non-recurring items: 2025 NET PROFIT AFTER TAX Non-recurring items: Unit: US$ M Net FX gain / (loss), net tax ($16.3 M) Unit: US$ M Net FX gain / (loss), net tax ($45.9 M) Other non-recurring ($26.3 M) Other non-recurr
Slide 19: U.S. Closed-loop Gas
U.S. CLOSED-LOOP GAS
Slide 20: Closed Loop Strategy Expected to Enable Potential for Enhanced Margins
Gas Business: Closed Loop Strategy Expected to Enable Potential U.S. CLOSED-LOOP GAS for Enhanced Margins • Largest natural gas producer in the Barnett with 10.7% 1-year decline rate(1) • 1,500 MW of low heat rate Power assets(2) in the heart of Texas, optimally positioned to capitalize on surging d
Slide 21: Gas Business: 2025 highlights
Gas Business: U.S. CLOSED-LOOP GAS 2025 highlights Our gas assets offer a differentiated platform with significant growth potential Average local price (2) Gas Upstream Midstream Gas-Fired Power CCUS FY25 $2.93/Mcfe +41% YoY 4Q25 $2.99/Mcfe +24% QoQ Pennsylvania Sales volume Marcellus Shale GAS 0.6
Slide 22: 4Q25 and FY25 operational performance
Upstream Gas Business: U.S. CLOSED-LOOP GAS 4Q25 and FY25 operational performance Combining the assets acquired in the Bedrock acquisition with BKV’s existing operations, 2025 results underscores the strength of our integrated portfolio and its capacity to generate robust, high-quality cash flow acr
Slide 23: 4Q25 and FY25 financial performance
Upstream Gas Business: U.S. CLOSED-LOOP GAS 4Q25 and FY25 financial performance Combining the assets acquired in the Bedrock acquisition with BKV’s existing operations, 2025 results underscores the strength of our integrated portfolio and its capacity to generate robust, high-quality cash flow acros
Slide 24: US gas market update
Upstream Gas Business: U.S. CLOSED-LOOP GAS US gas market update US Natural Gas Consumption US Natural Gas Production US Storage Level Unit: Bcf/d Unit: Bcf/d 2025 Actual Production 2026 Forecasted Production Unit: Bcf Residential Commercial Industrial Power Other Storage 5yr - high 5yr - low 2025 A
Slide 25: Healthy gas price outlook in 2025-2026
Upstream Gas Business: U.S. CLOSED-LOOP GAS Healthy gas price outlook in 2025-2026 US Rig Count vs Henry Hub Price Comments US oil and natural gas rig count Henry hub spot price ▪ Oil and gas rig count stood at 537 rigs, slightly Unit: rigs Unit: $/MMBtu dropped from the previous quarter. Oil-direct
Slide 26: CCUS Business: Progress and development
CCUS Business: U.S. CLOSED-LOOP GAS Progress and development Project Ann. Forecasted CCUS Assets: Name Project CO2 Waste Well Class & Status Injection Volume(1) Partners Location Ownership Source Permit Status (Initial Injection) (ktpa avg CO2e) 1.5 Mtpa 2028 TARGET NGP(3) CO2e injection Operating A
Slide 27: Next-Gen Mining
NEXT-GEN MINING
Slide 28: Mining Business: 2025 highlights
Mining Business: 2025 highlights NEXT-GEN MINING MAP OF MINING OPERATIONS(1) Mongolia Production volume Tsant Uul 64 Mt Reserves FY25 42.0 Mt +9% YoY +14% QoQ 4Q25 11.4 Mt +16% YoY China Gaohe and Hebi 114 Mt Reserves (CV: 6,500 – 7,000 kcal/kg) Sales volume(2) Indonesia FY25 45.2 Mt +6% YoY ITM 4Q2
Slide 29: Group coal sales
Mining Business: Coal Sales(3) Pricing Status Group coal sales Indonesia NEXT-GEN MINING Coal Sales Source(1) : Destination Analysis, 2025 2025 1Q26 Indicative Coal Sales 15.9 Mt 7.4 Mt Indexed Fixed 41% 0.6 Mt 5.3 Mt 100% 25.1 6.8 Unsold 8.5 Mt 0.9 Mt 55% S Korea 4.4 Mt Mt Mt 2.3 Mt China 0.7 Mt Ja
Slide 30: Operational summary
Mining Business: Operational summary NEXT-GEN MINING ROM Production and Key Updates Australia Coal Australia Coal(1) ▪ Total ROM production for China Coal 4Q25 reached 2.1 Mt, China Coal ▪ Gaohe: Continued retreat mining 2025 actual: 7.4 Mt increasing 39% QoQ, 2025 actual: 11.1 Mt at Longwall panels
Slide 31: Cost summary
Mining Business: Cost summary NEXT-GEN MINING Average Total Cost Breakdown Australia Coal(1) ▪ 4Q25 average cost was A$127/t, China Coal improved by 29% QoQ driven by Unit: A$/t Unit: RMB/t higher longwall output at 178 Mandalong and Springvale and GAOHE 171 ▪ 4Q25 total cost increased to 161 ongoin
Slide 32: Global thermal coal market
Mining Business: Global thermal coal market Demand trends NEXT-GEN MINING COAL DEMAND AND SUPPLY CHANGE – 2026e VS 2025 Overall, global thermal coal demand remains stable. Import flows continue to adjust to potential production cuts in Indonesia, leading buyers to manage inventory more actively and
Slide 33: Power+
Power+
Slide 34: Banpu Group Total Power Portfolio
Banpu Group Total Power Portfolio: 4,927 MW committed capacity 3,935 MW committed thermal equity capacity CHINA 548 MWe CHP (618 MWe gross) 396 MW SLG IPP JAPAN 57.6 MW RE 992 MW (1,320 MW gross) Renewables Capacity 224 MWh BESS 363.4 MW RE 20 MWh BESS (274 MWh gross) 555 MW Solar Power 118 MW Wind
Slide 35: Temple I and II: performance highlights
Thermal Power: POWER+ Temple I and II: performance highlights Net generation (GWh) Capacity factor (%) Asset Information: YoY 69% Temple I & II are combined cycle gas-fired power plants supplying +4% 58% 2025 average: 59% base load power to the ERCOT 2024 average: market 7,648 37% 57% 7,360 Sharehol
Slide 36: Temple I and II: financial performance
Thermal Power: POWER+ Temple I and II: financial performance Total revenue Unit: US$M (100% interest) Ebitda(3) Unit: US$M (100% interest) Profit contribution to Banpu Realized gain (loss) on derivatives Merchant HRCO(1) + SS(2) Unrealized gain (loss) on derivatives Unit: US$M +90% -12% YoY +583% -3
Slide 37: 4Q25 updates and 2025 summary
Thermal Power: POWER+ 4Q25 updates and 2025 summary HPC BLCP Achieved high CAH from efficient operations, but lower Achieved CAH targets and optimized operations beyond CAH, profit sharing due to longer maintenance days. maintaining high EAF. Lower share of profit was attributable to higher producti
Slide 38: Renewables: 2025 summary
Renewables: POWER+ 2025 summary Japan Solar Vietnam Solar & Wind China Solar OPERATING OPERATING OPERATING Nhon Hai Solar & El Wind Mui Dinh Lower cash distribution following Higher power sales, mainly Lower power sales due to the divestment of certain assets. driven by the Mui Dinh wind curtailment
Slide 39: Battery Energy Storage System (BESS) portfolio overview
Battery Energy Storage System (BESS): To be updated POWER+ BESS Portfolio Overview MAP OF BESS ASSETS PORTFOLIO OVERVIEW Japan China Australia United States 69 MW | 274 MWh 20 MW | 20 MWh 453 MW | 1,606 MWh 100 MW | 200 MWh 2,100 MWH Total committed capacity A B E 1,350 MWH D F G H Total equity comm
Slide 40: Energy trading updates
POWER+ Energy trading: Energy trading updates Electricity sales (GWh) YoY Long-term trading +134% ▪ Implement more flexible approaches to engage new larger clients, whilst 6,593 GWh retain current ones. Total energy sales in 2025 ▪ Hedge for immediate profits and 55% of total sales are market- 6,593
Slide 41: Future Tech
Future Tech
Slide 42: Future Tech Portfolio
Future Tech Portfolio BANPU NEXT PARTNERED WITH ‘DHL DISTRIBUTED NET-ZERO SOLUTIONS SUPPLY CHAIN THAILAND’ Solar: Rooftop Energy Efficiency TO DRIVE LOW CARBON LOGISTICS & Floating UPDATE Cooling Energy Energy solutions Mgmt. Efficiency PHASE 1 ENGAGEMENT: Charging stations at 1 DHL’s logistic hubs
Slide 43: Corporate Venture Capital: 4Q25 updates
Corporate Venture Capital: FUTURE TECH 4Q25 updates AI INFRASTRUCTURE Mixx Technologies, Inc. is developing a high-performance AI optical interconnect platform aimed at solving data-movement bottlenecks in AI infrastructure and high-performance computing (HPC). INVESTMENT RATIONALE: $2 M c.1.9% This
Slide 44: Appendix I: Amalgamation
BANPU Appendix | AMALGAMATION
Slide 45: Transformation-transaction timeline: target completion by 4Q26
Transformation-transaction timeline: target completion by 4Q26 2026 2025 Q1 Q2 Q3 Q4 2Q26 29 OCTOBER 2025 Milestones 3Q26 Banpu’s BOD 29 JANUARY 2026 ▪ Purchase shares from Milestones dissenting ▪ Amalgamation ▪ Approval on general Banpu’s & shareholders offer of BPP shares registration and 4Q26 BPP
Slide 46: New Banpu: post-amalgamation benefits
New Banpu: post-amalgamation benefits Simplified structure Enhanced agility, Realization of enabling distinct execution flexibility, full asset value strategies and optionality Asset revaluation to Distinct strategies and Enabling faster decisions, unlock true market unique roles for each value crea
Slide 47: Appendix II: General & Operational
Appendix II GENERAL & OPERATIONAL
Slide 48: Banpu group: diversified portfolio across the energy value chain
Banpu group: diversified portfolio across the energy value chain Mongolia China Japan United States of America VERSATILE ENERGY COMPANY Laos Thailand Building a balanced portfolio for a Vietnam sustainable energy transition. Indonesia NEXT-GEN MINING POWER+ FUTURE TECH New S-Curve in Mining Thermal
Slide 49: ESG leadership and credit rating recognition
Banpu: ESG leadership and credit rating recognition BANPU ESG RATINGS CREDIT RATINGS A Awarded 4.0 81/100 A+ Credit rating rating for demonstrating since 2014 in the FTSE Russell ESG in the EcoVadis with a ‘stable’ outlook on the Recognized as a company and senior unsecured resiliency towards long-
Slide 50: ESG recognition across the subsidiaries
Banpu: ESG recognition across the subsidiaries Responsibly Sourced Gas ESG EXCELLENCE (RSG) Gold Rating Established ESG Committee in March 2023 Certification to supervise ESG targets and performance Platinum Rating ITM received the “Platinum rating’ which is BKV’s NEPA wells and facilities were AAA
Slide 51: 2025 Decarbonization Achievements
Banpu: 2025 Decarbonization Achievements NEXT-GEN MINING DECARBONIZED GAS POWER Sustainability is at the heart of Banpu with a strong Emission CCUS Platform Emission commitment to achieve Reduction (from last year) Reduction Initiatives 138 ktpa CHINA CHP NET ZERO 173 ktpa BY2050 Carbon injected Emi
Slide 52: Environmental stewardship and commitment to the SDGs
Banpu ESG: Environmental stewardship and commitment to the SDGs 2 3 BANPU COMMITMENT In accordance with the UN Sustainable Development Goals (SDGs), Banpu has integrated 7 goals with commitment to long-term targets. Respect and uphold Partner with Collaborate with Move towards a circular Support Jus
Slide 53: Integrated energy solutions 2025
Banpu: ‘Integrated energy solutions’ 2025 U.S. CLOSED-LOOP GAS POWER+ FUTURE TECH CCUS BESS Rooftop & Floating Solar 138 kt CO2e 1,350 MW 319 MW Injection in 2025 Committed capacity Committed capacity Utility-scale Shale Gas Renewables 836 MMcfed* 673 MW 3.2 GWh (100% basis) Li-ion batteries Net pro
Slide 54: Quarterly output summary
Banpu Coal: Quarterly output summary AUSTRALIA OPERATIONS: COAL OUTPUT (MT) – ROM OUTPUT ON 100% BASIS Mines CV (kcal/kg) 2Q25 3Q25 4Q25 1Q26e Western operations 1.5 0.6 1.1 1.0 Springvale 6,700 1.0 0.3 0.8 0.6 Clarence 6,700 0.4 0.2 0.2 0.3 Airly 6,700 0.1 0.1 0.1 0.1 Northern operations 1.0 0.9 1.
Slide 55: Banpu Australia Coal: Quarterly ROM output
Banpu Australia Coal: Quarterly rom output Total ROM (Mt) 2.7 2.5 2.1 2.1 1.0 1.1 1.8 1.7 NORTHERN 1.5 1.3 1.0 1.2 0.7 1.0 0.3 0.9 1.5 1.6 WESTERN 1.0 1.1 1.0 0.9 0.8 0.6 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 2025 2026 LW move Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Slide 56: China Coal Outlook
China Coal Outlook: Coal Imports recover amid domestic supply constraints CHINA THERMAL COAL IMPORTS/EXPORTS* 4Q25 Unit: Mt ▪ China’s economic momentum weakened towards end-2025, with GDP growth meeting Quarterly (annualized) Annually the 5.0% annual target, but slowing to 4.5% YoY in 4Q25 from 4.8%
Slide 57: India Coal Outlook
India Coal Outlook: Strong domestic coal output curtails imports INDIA THERMAL COAL IMPORTS* 4Q25 Unit: Mt ▪ India’s total electricity generation reached 1,844 TWh in 2025, up 1% year on year, marking a slowdown from the 11% and 6% growth recorded in 2023 and 2024, respectively. Quarterly (annualize
Slide 58: Indicative guidance for Gas & CCUS Business
U.S. Closed-loop Gas: Indicative guidance for Gas & CCUS Business ILLUSTRATIVE AND INDICATIVE ONLY UNIT GUIDANCE FOR GAS BUSINESS (US$/MCFE) COMMENTS REVENUE Net production (Mmcfed) 915-955 COSTS Lease operating and workover $0.49 - $0.53 Main component of operating costs GCP&T (below the line) $0.8
Slide 59: Appendix III: Financials
BANPU Appendix III FINANCIALS
Slide 60: FX impact analysis guidance on P&L
Banpu: FX impact analysis guidance on P&L CURRENCY EXPOSURE NPAT IMPACT 4Q25 (US$M) APPROXIMATE FX EXPOSURE (US$M) NPAT 5% SENSITIVITY 1Q26 (US$M) Assuming 5% depreciation of local Net liability Net asset currencies against USD -3,400 THB 145▪ BOT revised forecast 2026 Banpu: AUD asset, GDP at 1.9%
Slide 61: Balance sheet – 2025
Banpu consolidated financials: Balance sheet – 2025 2025 CONSOLIDATED FINANCIAL POSITION DEBT FX STRUCTURE GEARING RATIOS Unit: US$ M RMB Float Net debt / Equity(1) (x) CASH EQUIVALENT 1% IDR Float AUD Float 1% Fixed Coupon Bond 1,953 1% 3% THB Float 5% 0.90x 0.79x 0.98x TOTAL BORROWINGS 7,396 USD F
Slide 62: EBITDA breakdown
Banpu group: EBITDA breakdown 268 303 324 Unit: US$ M & holding 296 Consolidated Not consolidated companies 1Q25 2Q25 3Q25 4Q25 100% Australia Coal 65% Indonesia Coal China Coal 50% Future Tech 91% Power 100% U.S. Closed-loop Gas** AACI OVERHEAD 65 55 86 117 84 85 63 66 77 18 96 84 4 4 4 50% 55 86 6
Slide 63: Net debt breakdown
Banpu group: Net debt breakdown Unit: US$ M Consolidated 5,274 5,443 4,691 4,830 Not consolidated & holding companies Net debt Net cash 1Q24 2Q25 3Q25 4Q25 65% Indonesia Coal 100% Australia Coal 100% Australia Power 91% Power 100% U.S. Closed-loop Gas A$ M A$ M 899 897 908 816 373 250 217 231 165 24
Slide 64: Operating profit – FY25
Banpu consolidated financials: Operating profit – FY25 US$ M 2025 2024 YoY% Total sales revenues* 5,278 5,148 3% Sales revenue – Coal** 2,770 3,290 -16% Sales revenue – Gas 913 726 26% Sales revenue – Power 888 777 14% Sales revenue – Energy Technology 699 65 967% Cost of sales (4,080) (3,900) Gross
Slide 65: Operating profit – FY2025
Banpu consolidated financials: Operating profit – FY2025 US$ M 2025 2024 YoY% Gross profit 1,198 1,248 -4% GPM 23% 24% SG&A (612) (527) Royalty (290) (329) Income from associates 126 196 Other income and Dividend 173 167 Mining property (37) (35) EBIT 559 716 -22% EBIT – Next-Gen Mining 265 518 -49%
Slide 66: Net profit – FY2025
Banpu consolidated financials: Net profit – FY2025 US$ M 2025 2024 YoY% EBIT 559 716 -22% Interest expenses (341) (377) Financial expenses (20) (24) Income tax (core business) (89) (120) Minorities (92) (135) Net profit before extra items 17 60 -72% Non-recurring items* (53) (82) Gain (Loss) on Deri
Slide 67: Operating profit – 4Q25
Banpu consolidated financials: Operating profit – 4Q25 US$ M 4Q25 3Q25 4Q24 QoQ% YoY% Total sales revenues* 1,399 1,358 1,368 3% 2% Sales revenue – Coal** 774 699 879 11% -12% Sales revenue – Gas 262 218 191 20% 37% Sales revenue – Power 218 241 163 -10% 34% Sales revenue – Energy Technology 141 199
Slide 68: Operating profit – 4Q25
Banpu consolidated financials: Operating profit – 4Q25 US$ M 4Q25 3Q25 4Q24 QoQ% YoY% Gross profit 381 280 348 36% 10% GPM 27% 21% 25% SG&A (185) (148) (154) Royalty (84) (70) (92) Income from associates 4 47 38 Other income and Dividend 40 62 31 Mining property (10) (8) (8) EBIT 146 162 163 -10% -1
Slide 69: Net profit – 4Q25
Banpu consolidated financials: Net profit – 4Q25 US$ M 4Q25 3Q25 4Q24 QoQ% YoY% EBIT 146 162 163 -10% -10% Interest expenses (87) (86) (89) Financial expenses (8) (4) (4) Income tax (core business) (18) (24) (32) Minorities (23) (23) (31) Net profit before extra items 10 25 7 -58% 48% Non-recurring
Slide 70: Versatile Energy Company
VERSATILE ENERGY COMPANY ; iam li a ee