Banpu Public Co. Ltd. · SET:BANPU
Banpu Public — Q1 2026 Earnings Presentation
75 slides from Banpu Public's earnings presentation, May 15, 2026
Slide 1: Banpu 1Q26 results
Banpu 1Q26 results Investor and analyst update 15th May 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: Crisis-proof, Future-ready
01 FOCUS SECTION: Crisis-proof, Future-ready 1Q26 I Results Presentation 3
Slide 4: Strait of Hormuz crisis highlights importance of energy security as energy prices soar
The State of Play Oil - Brent Oil spike driven by transit risk Unit: $/bbl 160 Strait of Hormuz crisis highlights 140 120 U.S.$138.21/bbl peak a on Apr 7th importance of energy security as 100 80 energy prices soar 60 40 OCT’25 Prices as of May 26 Coal – Newcastle Coal responding to substitution dem
Slide 5: 1H26 energy outlook: key implications for Banpu
1H26 energy outlook: key implications for Banpu Favorable to Banpu Unfavorable to Banpu COAL NATURAL GAS POWER SECTOR IMPLICATIONS Coal re-emerging as a critical, reliable Global LNG flows disrupted Energy security driving backup as gas and oil markets tighten by Strait of Hormuz tensions, diversifi
Slide 6: Banpu Energy Symphonics: resilient against crises, positioned for growth
Banpu Energy Symphonics: resilient against crises, positioned for growth Banpu’s diversified portfolio supports POWER+ : energy security through cycles, while BALANCED, RESILIENT PORTFOLIO evolving toward future energy systems, each business playing a clear role. THERMAL POWER : Strategic Baseload R
Slide 7: Strong macro tailwinds across the gas value chain despite energy security concerns
Strong macro tailwinds across the gas value chain despite energy security concerns From energy security concerns to rising data center power demand from AI supercycle UPSTREAM GAS GAS-FIRED BESS PRODUCTION POWER DATA CENTERS Data centers projected Gas-fired power is expected AI demand is exploding,
Slide 8: U.S. Closed-loop Gas: strategically located to capture AI-driven growth
U.S. Closed-loop Gas: strategically located to capture AI-driven growth in the fastest-growing data center market The U.S. leads the world in data center buildouts >3,500 of data centers planned in the U.S., accounting for >50% of the Banpu’s U.S. assets strategically located at country’s power dema
Slide 9: U.S. Closed-loop Gas: active expansion across the 'Winning Formula'
U.S. Closed-loop Gas: active expansion across the ‘Winning Formula’ UPSTREAM GAS POWER CCUS PRODUCTION OPTIMIZATION WELL- POSITIONED TO ACTIVE DISCUSSIONS SCALE UP & OPERATIONAL MGMT. CAPTURE GROWING DEMAND WITH HYPERSCALERS CCUS PLATFORM STRATEGY to capture value from gas to capture opportunities f
Slide 10: Banpu: growth pipeline and outlook
INDICATIVE & Banpu : growth pipeline and outlook ILLUSTRATIVE ONLY(1) 2025 2026 2027 2028 2029 2030s AMALGAMATION Amalgamation Amalgamation TRANSACTION announced completion (3Q26) Coal NEXT-GEN MINING • Mongolia COD Low-cost miner Tech savvy miner Future-ready > COAL MINING via optimization with AI-
Slide 11: Financial Summary
02 Financial Summary 1Q26 I Results Presentation 11
Slide 12: Banpu 1Q26 highlights
Banpu 1Q26 highlights KEY FINANCIAL METRICS Sales Revenue CORPORATE GOVERNANCE & ESG EXCELLENCE $1,340M Driven by strong contributions from U.S. Closed-loop Gas A AAA ASEAN Asset Dow Jones Best Rating Rating Class since 2024 in Class (DJ BIC) Indices EBITDA For 12th consecutive years since 2014 $269
Slide 13: Sales revenue – 1Q26
Consolidated financials: FINANCIALS Sales revenue – 1Q26 TOTAL SALES REVENUE Sales Revenue from Operations (excluding hedging) Unit: US$ M Unit: US$ M QoQ YoY -4% +4% QoQ YoY Others 1,391 +14% +29% 1,380 1,399 1,340 -100% -98% 1,276 5 17 1 141 5 315 Power+ 1,284 Future Tech(1) 205 202 1 141 17 +56%
Slide 14: Consolidated EBITDA – 1Q26
Consolidated financials: FINANCIALS Consolidated EBITDA – 1Q26 % CHANGE CONSOLIDATED EBITDA, BY QUARTER Unit: US$ M QoQ YoY -17% 0% 324 Others (Head Office) 21 269 NA NA 268 65 Future Tech(1) 13 70 NA NA 55 77 Power+(2) 79 +7% +28% 85 U.S. Closed-loop Gas(3) 62 19 6 34 +3% -6% 10 Next-gen Mining: 10
Slide 15: NPAT – 1Q26
Consolidated financials: FINANCIALS NPAT– 1Q26 4Q25 NET PROFIT AFTER TAX Non-recurring items: 1Q26 Net Profit after Tax Unit: US$ M Net FX gain / (loss), net tax Other non-recurring ($16.3 M) ($26.3 M) Unit: US$ M 324 Derivative gain / (loss) $15.9 M Minority ▪ Realized financial derivatives $3.0 M
Slide 16: U.S. Closed-loop Gas
03 U.S. Closed- loop Gas 1Q26 I Results Presentation 16
Slide 17: 1Q26 highlights U.S. Closed-loop Gas
1Q26 highlights U.S. CLOSED-LOOP GAS Our gas assets offer a differentiated platform with significant growth potential Average local price (2) Gas Upstream Midstream Gas-Fired Power CCUS $3.58/Mcfe +20% QoQ Pennsylvania Marcellus Shale Sales volume 0.6 Tcfe 1P reserves (1) GAS 83 Bcfe -3% QoQ Texas P
Slide 18: 1Q26 operational & financial performance
1Q26 operational & financial performance U.S. CLOSED-LOOP GAS 1Q26 results underscore our portfolio’s resilience and consistent ability to generate robust cash flow throughout commodity market cycles Gas Sales Volumes Unit: Bcfe(1) Total Realized Revenue(2) ($M) $3.28 $3.58 Average $2.63 +56% +29% l
Slide 19: US gas market update
Gas Business: U.S. CLOSED-LOOP GAS US gas market update U.S. Natural Gas Consumption U.S. Natural Gas Production U.S. 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 actu
Slide 20: Healthy gas price outlook in 2026-2027
Gas Business: U.S. CLOSED-LOOP GAS Healthy gas price outlook in 2026-2027 U.S. Rig Count vs Henry Hub Price Comments U.S. oil and natural gas rig count Henry hub spot price ▪ US rig counts remained broadly stable at 536 rigs Unit: rigs Unit: $/MMBtu at the end of 1Q26 (with 127 gas-focused and 409 o
Slide 21: U.S. Power: performance highlights
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS U.S. Power: performance highlights TEMPLE I & II Capacity factor (%) Financial results ($M) 62% 1,523 MWe 58% QoQ: 7% Profit from Operation 50% YoY: 24% Realized gain (loss) on derivatives Temple I and II are combined-cycle Unrealized gain (loss) on derivat
Slide 22: U.S. Power Outlook
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS U.S. Power Outlook ERCOT North Hub Power Demand and Price Unit: US$ / MWh Unit: MW Comments 60 70,000 ▪ ERCOT wholesale power prices averaged $32/MWh in 1Q26. The EIA 60,000 forecasts prices to increase to $33– 50 $38/MWh in 2Q26, driven by higher summer co
Slide 23: CCUS Business: Progress and development
U.S. Closed-loop Gas: U.S. CLOSED-LOOP GAS CCUS Business: 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
Slide 24: Next-Gen Mining
04 Next-Gen Mining 1Q26 I Results Presentation 24
Slide 25: Coal re-emerging as a source for energy security
Coal re-emerging as a source for energy security NEXT-GEN MINING INITIATIVES Coal re-emerges as Asia's energy security anchor as 90% of Hormuz LNG flows in Export and Sales Destination Targeting 2025 were destined for Asia ▪ Balanced allocation between fixed pricing to lock in profitability and fixe
Slide 26: Next-Gen Mining: 1Q26 highlights
Next-Gen Mining: 1Q26 highlights NEXT-GEN MINING MAP OF MINING OPERATIONS(1) Mongolia Tsant Uul Production volume 64 Mt Reserves 9.7 Mt -15% QoQ China Gaohe and Hebi 114 Mt Reserves (CV: 6,500 – 7,000 kcal/kg) Sales volume Indonesia ITM 10.9 Mt -12% QoQ 362 Mt Reserves (CV: 5,950 – 6,250 kcal/kg) Au
Slide 27: Group coal sales
Next-Gen Mining: Coal Sales (3) Pricing Status Group coal sales NEXT-GEN MINING Indonesia Coal Sales Source(1) : Destination Analysis, 1H26e 1H26e Indicative Coal Sales 8.5 Mt Fixed Indexed 4.5 Mt 0.1 Mt 64% 35% 3.0 Mt 4.0 Mt S Korea 0.5 Mt 13.1 2.5 Mt China 0.2 Mt Japan Mt 0.5 Mt 0.2 Mt 0.2 Mt Taiw
Slide 28: Operational summary
Next-Gen Mining: Operational summary Next-Gen. MINING ROM Production and Key Updates Australia Coal Australia Coal China Coal ▪ 1Q26 ROM production was 1.8 ▪ Gaohe: Continued cost 2026 target: 7.9 Mt mt, down 17% QoQ due to a 2026 target: 10.5 Mt optimization and retreat mining at scheduled longwall
Slide 29: Cost summary
Next-Gen Mining : Cost summary Next-Gen. MINING Average Total Cost Breakdown Australia Coal(1) China Coal ▪ 1Q26 average cost was A$126/t, Unit: A$/t improved by QoQ, driven by Unit: RMB/t cost control programme across labour, repairs and GAOHE ▪ 1Q26 total cost decreased to 161 Depreciation mainten
Slide 30: Global thermal coal market
Next-Gen Mining: Global thermal coal market Demand trends Next-Gen. MINING COAL DEMAND AND SUPPLY CHANGE – 2026e VS 2025 Overall, global thermal coal demand is being shaped by LNG supply disruption due to the Middle East conflict, which are encouraging fuel switching toward Demand Supply coal in key
Slide 31: Power+
05 Power+ 1Q26 I Results Presentation 31
Slide 32: Banpu Group Total Power Portfolio
Banpu Group Total Power Portfolio: 4,934 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 999 MW (1,320 MW gross) Renewables Capacity 408 MWh BESS 363.4 MW RE 20 MWh BESS (514 MWh gross) 555 MW Solar Power 118 MW Wind
Slide 33: Thermal Power: 1Q26 updates
Thermal Power: POWER+ 1Q26 updates THAILAND LAOS CHINA CHINA BLCP 717 MWe HPC 751 MWe CHP 548 MWe SLG 396 MWe Shareholding: Shareholding: Shareholding: Shareholding: Banpu Coal Power (50%), Banpu (40%), RATCH (40%), Lao ▪ Luannan: BPIC 100% BPIC (30%), Gemeng Intl Energy (35%), EGCO (50%) Holding St
Slide 34: Renewables: 1Q26 updates
Renewables: POWER+ 1Q26 updates Vietnam Solar & Wind China Solar – New Development China Solar Lower power sold due to lower irradiation. Nhon Hai Solar & Jinhu Qianfeng Solar Farm El Wind Mui Dinh Power sold ▪ Integrated aquavoltaic project 40 GWh Lower power sold led by wind (-7% YoY) ▪ Located in
Slide 35: Battery Energy Storage System (BESS): Portfolio Overview
Battery Energy Storage System (BESS): POWER+ BESS Portfolio Overview MAP OF BESS ASSETS PROJECT INFORMATION 2,340 MWh A Iwate Tono Tono, Japan F Nikko Tochigi, Japan Total committed capacity Capacity: 15 MW | 58 MWh Capacity: 40 MW | 160 MWh Ownership: 75% BJP, 25% Global Engineering Ownership: 100%
Slide 36: BESS 1Q26 updates: Ramping up to meet 1 GWh target in Japan
Battery Energy Storage System (BESS): POWER+ BANPU’s 1Q26 updates: Ramping up to meet 1 GWh target in Japan Japan BESS Projects Adding 240 MWh capacity to meet BJP’s 2030 target of 1 GWh and growing demand for grid flexibility by leveraging govt. subsidy. Total committed capacity in Japan NEW PROJEC
Slide 37: Energy Trading: 1Q26 updates
POWER+ Energy Trading: 1Q26 updates TRADING PERFORMANCE RECENT DEVELOPMENTS QoQ: +12% Long-term trading Electricity sales (GWh) 1,415 GWh YoY: -30% ▪ Take long-term positions across all markets, including physical and derivatives, and use these instruments 2,020 1,800 to fix prices and guarantee pro
Slide 38: Future Tech
06 Future Tech 1Q26 I Results Presentation 38
Slide 39: Future Tech Portfolio
Future Tech Portfolio BANPU NEXT SERVES 160 C&I PROJECTS DISTRIBUTED NET-ZERO SOLUTIONS WITH NET ZERO SOLUTIONS, REINFORCING Solar Rooftop Energy Efficiency TRUSTED PARTNER POSITION UPDATE Cooling Energy Energy solutions Mgmt. Efficiency 160 PROJECTS 82,000 Up to 55% Tons CO2 emissions e-Mobility-as
Slide 40: 1Q26 Future Tech updates
Energy Management Services: FUTURE TECH 1Q26 Future Tech updates DP NEXT, A JOINT VENTURE (JV) COMPANY BETWEEN BANPU NEXT AND DURAPOWER, IS EXPANDING ITS BATTERY BUSINESS THROUGH A STRATEGIC COLLABORATION WITH RAPID MOTORS. PHASE I TARGETS: JOINT STUDY AND DEVELOPMENT OF 1,500 CONVERSION OF ICE VEHI
Slide 41: Corporate Venture Capital: 2026 focus
Corporate Venture Capital: FUTURE TECH 2026 focus 16 2026 FOCUS AREAS & INVESTMENT STRATEGY VC / PE Strategic Synergies: 1 2 Value Enhancement: investments To strengthen Banpu’s value by By driving sustainable value creation linking to energy demand, and improving returns through expanding along the
Slide 42: Key Takeaways & 2026 Outlook
‘Key Takeaways & 2026 Outlook BANPU
Slide 43: Looking to 2026 and beyond
Looking to 2026 and beyond AMALGAMATION OPERATIONAL FOCUSED GROWTH TRANSACTION EXCELLENCE & CAPITAL DISCIPLINE Smooth completion of transaction and restructuring to Structural cost reduction along with continued Selective investments with attractive return profile at the streamline the group and unl
Slide 44: Appendix I General
BANPU Appendix | General \ Ww NC
Slide 45: 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 46: Banpu: Energy Symphonics 2030 strategic targets
Banpu: Energy Symphonics 2030 STRATEGIC TARGETS EBITDA GROWTH DIVERSIFICATION DECARBONIZATION >1.5x EBITDA >50% EBITDA >20% reduction 2030 EBITDA from non-coal related businesses by 2030 Scope 1 and 2 GHG emissions by 2030 POWER+ FUTURE TECH NEXT-GEN PORAT US R E MINING CO CLOSED- LOOP GAS 1Q26 I Re
Slide 47: 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 48: 2025 Decarbonization Achievements
Banpu: 2025 Decarbonization Achievements NEXT-GEN MINING DECARBONIZED GAS POWER Sustainability is at the heart Emission Emission of Banpu with a strong Reduction (from last year) CCUS Platform Reduction Initiatives commitment to achieve 138 ktpa 173 ktpa Carbon injected CHINA CHP NET ZERO BY 2050 Em
Slide 49: Environmental stewardship and commitment to the SDGs
Banpu ESG: Environmental stewardship and commitment to the SDGs • >30% women in • 4.8% reduction in • 5% reduction in management freshwater total nonrenewable positions consumption intensity energy • >5% women in for mining business consumption STEM-related • Maintain freshwater • Coal-related posit
Slide 50: 'Integrated energy solutions' in 1Q26
Banpu: ‘Integrated energy solutions’ in 1Q26 U.S. CLOSED-LOOP GAS POWER+ CCUS BESS Rooftop & Floating Solar 138 kt CO2e 1,350 MW 319 MW Committed capacity Committed capacity Injection in 2025 Utility-scale Renewables Electricity trading 673 MW 6,593 GWh Committed capacity Shale Gas 925 MMcfed* Therm
Slide 51: Appendix II Operational
Appendix II Operational ▪ U.S. Closed-loop Gas ▪ Power+ ▪ Next-Gen Mining 52
Slide 52: 2026 indicative guidance for Gas & CCUS Business
US gas-CCUS: 2026 indicative guidance for Gas & CCUS Business ILLUSTRATIVE AND INDICATIVE ONLY UNIT GUIDANCE FOR GAS BUSINESS (US$/MCFE) COMMENTS REVENUE Net production (Mmcfd) 915-955 COSTS Lease operating and workover $0.49 - $0.53 Main component of operating costs GCP&T (below the line) $0.80- $0
Slide 53: Appendix II Operational
Appendix II Operational ▪ U.S. Closed-loop Gas ▪ Power+ ▪ Next-Gen Mining 54
Slide 54: Thermal asset: portfolio overview
Thermal asset: portfolio overview GFP CFP CHINA CHINA CHP Total Equity Asset COD Stake capacity capacity Zhending 2000-15 139 MWe 100% 139 MWe Luannan 2001-19 246 MWe 100% 246 MWe Zouping 2001-17 233 MWe 70% 163 MWe LAOS CHINA U.S. SLG 2021 1,320 MW 30% 396 MW THAILAND LAOS Total Equity Asset COD St
Slide 55: China CHPs: operational performance
China CHPs: operational performance . Electricity sold (GWh) QoQ: +22% Tariff (RMB/KWh) QoQ: -5% YoY: -8% YoY: -8% Asset Information: Lower QoQ affected by: • renewable entry • adjustment of TOU tariff in South Hebei grid In 2006, Banpu Power Investment Co., (Zhengding area) area Ltd. (BPIC) investe
Slide 56: China CHPs: consolidated financial performance
China CHPs: consolidated financial performance . Unit: RMB M Total Revenue EBITDA Profit Contribution to Banpu Based on 100% interest Based on 100% interest Based on Banpu’s 100% interest for Luannan Unit: RMB M Unit: RMB M and Zhengding; and 70% for Zouping QoQ: +11% Unit: RMB M QoQ: +32% QoQ: +43%
Slide 57: SLG: operational & financial performance
SLG: operational & financial performance . Operational Performance Financial Performance Asset Information: QoQ: +3% Coal price (RMB/t) Total Revenue (RMB M) YoY: +0.4% Commissioned in 2021, SLG is a high efficiency coal-fired power plant that utilizes best of class technology to QoQ: -2% significan
Slide 58: HPC: operational performance
HPC: operational performance . Operational Performance Financial Performance Asset Information: QoQ: +19% Total Revenue (THB M) Net generation (GWh) YoY: +6% QoQ: +28% Based on 100% interest YoY: -5% HPC is a lignite mine mouth power plant that commissioned between 2015 and YoY revenue declined prim
Slide 59: BLCP: operational performance
BLCP: operational performance . Operational Performance Financial Performance Asset Information: QoQ: -27% Net generation (GWh) QoQ: -23% Total Revenue (THB M) YoY: -9% BLCP is a coal-fired power plant YoY: -3% Based on 100% interest located in Map Ta Phut Industrial estate, Rayong with Unit 1 and 2
Slide 60: Maintenance schedule for 2026
Maintenance schedule for 2026 Major maintenance Minor maintenance POWER PLANT 1Q26 2Q26 3Q26 4Q26 BLCP U2 U1 ▪ Unit 1 on minor inspection for 18 days 38 days 18 days (23 Aug 2026 – 9 Sep 2026) ▪ Unit 2 on major inspection for 38 days (1 Jan 2026 – 7 Feb 2026) HPC U2 U3 U1 ▪ Unit 1 on yearly maintena
Slide 61: Maintenance schedule for 2026
Maintenance schedule for 2026 Major maintenance Minor maintenance POWER PLANT 1Q26 2Q26 3Q26 4Q26 SLG U1 U2 ▪ Unit 1 on c-class maintenance for 35 days in 2Q 35 days 35 days ▪ Unit 2 on B-class maintenance for 35 days in 3Q-4Q CHP LUANNAN U3 U2 U1 U4 ▪ Unit 3 on A-Class maintenance 30 days in 1Q 30
Slide 62: Appendix II Operational
Appendix II Operational ▪ U.S. Closed-loop Gas ▪ Power+ ▪ Next-Gen Mining 63
Slide 63: Banpu Coal: Quarterly output summary
Banpu Coal: Quarterly output summary AUSTRALIA OPERATIONS: COAL OUTPUT (MT) – ROM OUTPUT ON 100% BASIS Mines CV (kcal/kg) 3Q25 4Q25 1Q26 2Q26e Springvale 6,700 0.3 0.8 0.7 0.3 Clarence 6,700 0.2 0.2 0.3 0.3 Airly 6,700 0.1 0.1 0.1 0.1 Mandalong 6,700 0.6 0.8 0.5 0.8 Myuna 6,700 0.3 0.2 0.2 0.2 Total
Slide 64: Banpu Australia Coal: Quarterly ROM output
Banpu Australia Coal: Quarterly rom output Total ROM (Mt) 2.5 2.5 2.1 1.8 0.9 1.9 1.0 1.7 NORTHERN 1.5 1.3 1.0 0.7 1.0 0.3 0.9 1.0 1.5 1.6 WESTERN 1.0 1.1 1.1 0.9 0.6 0.7 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 65: China Coal Outlook: Coal imports recover amid domestic supply constraints
China Coal Outlook: Coal Imports recover amid domestic supply constraints 1Q26 CHINA THERMAL COAL IMPORTS/EXPORTS* ▪ GDP growth reached 5.0% year on year in Q1, rebounding from 4.5% in Q4 last year but Unit: Mt still below the 5.4% pace recorded a year earlier, driven mainly by strength in high-tech
Slide 66: India Coal Outlook: Strong domestic coal output curtails imports
India Coal Outlook: Strong domestic coal output curtails imports INDIA THERMAL COAL IMPORTS* 1Q26 Unit: Mt ▪ India’s coal-fired power generation reached approximately to 332 TWh, down about 1 % year on year, reflecting broader weakness in utility coal demand. Quarterly (annualized) Annually ▪ India’
Slide 67: Appendix III Financial
BANPU Appendix III Financial ; Ww NC
Slide 68: Balance sheet – 1Q26
Banpu consolidated financials: Balance sheet – 1Q26 1Q26 CONSOLIDATED FINANCIAL POSITION DEBT FX STRUCTURE GEARING RATIOS Unit: US$ M Net debt / Equity(1) (x) CASH EQUIVALENT RMB Float IDR Float 2,259 AUD Float 1% 1% 4% THB Float 0.79x 0.98x 0.94x TOTAL BORROWINGS 10% 7,575 2024 2025 1Q26 USD Fixed
Slide 69: FX impact analysis guidance on P&L
Banpu: FX impact analysis guidance on P&L CURRENCY EXPOSURE NPAT IMPACT 1Q26 (US$M) APPROXIMATE FX EXPOSURE (US$M) NPAT 5% SENSITIVITY 2Q26 (US$M) Assuming 5% depreciation of local Net liability Net asset currencies against USD -3,400 THB 144▪ BOT revised 135.9 forecast 2026 Banpu: AUD asset, GDP at
Slide 70: EBITDA breakdown
Banpu group: EBITDA breakdown 303 296 269 Unit: US$ M & holding 324 Consolidated Not consolidated companies 2Q25 3Q25 4Q25 1Q26 100% Australia Coal 65% Indonesia Coal China Coal 50% Future Tech 91% Power 100% U.S. Closed-loop Gas** AACI OVERHEAD 8 46 21 86 83 121 102 86 66 77 79 65 18 55 34 -25 50%
Slide 71: Net debt breakdown
Banpu group: Net debt breakdown Unit: US$ M Consolidated 5,274 5,443 5,362 4,830 Not consolidated & holding companies Net debt Net cash 2Q25 3Q25 4Q25 1Q26 65% Indonesia Coal 100% Australia Coal 100% Australia Power 91% Power 100% U.S. Closed-loop Gas A$ M A$ M 899 897 908 758 217 231 207 313 333 37
Slide 72: Operating profit – 1Q26
Banpu consolidated financials: Operating profit – 1Q26 US$ M 1Q26 4Q25 1Q25 QoQ% YoY% Total Sales Revenues* 1,340 1,399 1,284 -4% 4% Sales revenue – Next Gen Mining 689 774 640 -11% 8% Sales revenue – US Closed-Loop Gas 321 262 217 22% 48% Sales revenue – Power+ 313 218 220 44% 42% Sales revenue – F
Slide 73: Operating profit – 1Q26
Banpu consolidated financials: Operating profit – 1Q26 US$ M 1Q26 4Q25 1Q25 QoQ% YoY% Gross profit 310 381 284 -19% 9% GPM 23% 27% 22% SG&A (164) (185) (138) Royalty (73) (84) (66) Income from associates 35 4 27 Other income and Dividend 1 40 35 Mining property (9) (10) (7) EBIT 99 146 135 -32% -26%
Slide 74: Net profit – 1Q26
Banpu consolidated financials: Net profit – 1Q26 US$ M 1Q26 4Q25 1Q25 QoQ% YoY% EBIT 99 146 135 -32% -26% Interest expenses (89) (87) (80) Financial expenses (5) (8) (4) Income tax (core business) (32) (18) (26) Minorities (32) (23) (26) Net profit before extra items (60) 10 (1) NA NA Non-recurring
Slide 75: Energy Symphonics
ENERGY SYMPHONICS Decarbonization | | | | Renewables & Net Zero 2050 | | Ml | MMi. i mg Ne ne | Mining Gas-Power-CCUS: Winning Formula