Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — Q3 2025 Earnings Presentation
32 slides from Bangchak Corporation Public's earnings presentation, Nov 11, 2025
Slide 1: Analyst Meeting Q3/2025
Analyst Meeting Q3/2025 November 11, 2025
Slide 2: Disclaimer
Disclaimer The information contained herein is being furnished on a confidential basis for discussion purposes only and only for the use of the recipient, and may be subject to completion or amendment through the delivery of additional documentation. Except as otherwise provided herein, this documen
Slide 3: Restructuring Progress Update: Entering into the Final Phase
Restructuring Progress Update: Entering into the Final Phase Tender offer for all BSRC shares via share swap of BCP’s newly-issued shares to delist BSRC from the SET 3
Slide 4: Confirmed Credit Rating and Financial Stability
A Confirmed Credit Rating + Bangchak Group’s Financial Stability strengthened Confirmed credit ratings by with “Stable” outlook Resilience Data as of 30 Sep 2025 Cash(1) Asset Debt(2) EBITDA LTM(3) 27,248 MB 307,306 MB 121,951 MB 33,766 MB (3)Last 12 Months Remark: (1)Including short-term investment
Slide 5: Agenda
Agenda 01 Bangchak Group Performance 02 Q4/2025 Outlook
Slide 6: Revenue, EBITDA and Net Profit in Q3/2025
Revenue, EBITDA and Net Profit in Q3/2025 Well-Balanced EBITDA Contribution across Diversified Businesses Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 154,193 10,269 123,827 123,305 7,170 3,664 28% 38% Q3/24 Q2/25 Q3/25 Q3/24 Q2/25 Q3/25 10,269 MB Q3/2025 PA
Slide 7: Q3/2025 Performance Snapshot comparing to Q2/2025
Q3/2025 Performance Snapshot comparing to Q2/2025 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 6,734 3,503 4,039 2,891 794 1,181 1,629 1,319 978 1,620 161 85 286 -1,736 -1,740
Slide 8: Refinery and Oil Trading Business
Refinery and Oil Trading Business EBITDA (MB) Crude Run (KBD) EBITDA 102% 102% 102% 2,891 MB (+>100% QoQ) significant surge 82% thanks to a strong improvement in Operating GRM 2,891 79% 69% Crude Run 260 265 265 KBD (+10% QoQ) 242 137 142 • Higher crude run supported by the resumption of operations
Slide 9: Project Update
Project Update Paving the Way for the Next-Level of Efficiency and Cost Optimization First Very Large Crude Carrier Loading Asphalt Facility & Blending Plant Improvement Completed the Construction Asphalt Sales Capacity Uplift Target for official commercial operation in Q1/2026 Aframax Suezmax VLCC’
Slide 10: Marketing Business
Marketing Business EBITDA (MB) Sales Volume by Market (ML) EBITDA Retail Industrial 1,629 MB (+38% QoQ) 3,327 3,393 3,393 • Supported by lower inventory loss and stronger marketing margin 2,032 2,098 2,029 Sales Volume (ML) 3,393 ML (stable QoQ) 1,629 Industrial (+5% QoQ) 1,181 794 1,295 1,295 1,364
Slide 11: Elevating Market Share Across All Segments
Elevating Market Share Across All Segments Driving Growth Through Innovation and Customer-Centric Strategies Retail Market Resilient Retail Market Share amid slowdown 29% 9M2025 Expansion Target: Bangchak ranks #1 as the most popular brand on social media +50 ss 2,2xx that wins consumers' hearts in
Slide 12: Expanding Beyond Fuel for Sustainable Growth
Expanding Beyond Fuel for Sustainable Growth Unlock New Revenue Streams and Enhance Customer Value Elevating the EV Pavilion Experience Expansion Target: 15 New Active Stations as of Sep 25 +180 sites 1,2xx 1,028 2025E 2024 1,108 sites 9M/25 ✓ Continues to offer quality and service; Achieved 104 Bra
Slide 13: Clean Power Business
Clean Power Business EBITDA (MB) Sellable Output Breakdown by Power Types EBITDA 1,620 MB (+66% QoQ) Solar - TH (76.9 GWh) 4% Growth in Electricity Output (GWh) 2,011 1% Wind – TH (4.4 GWh) 2,011 GWh (+21% QoQ) 1,620 GWh Wind – LA (63.1 GWh) 1,319 81% 12% Rising electricity sales volume, supported b
Slide 14: Clean Power Business: Key Growth Drivers
Clean Power Business: Key Growth Drivers CCGT Power Project in U.S. Monsoon Wind Power Project 1 Explosive Growth of Data Centers 2 Consistent Upside in Capacity Revenue Drives PJM Power Consumption Unit: GW Unit: $/MW-Day 329 180 270 160 140 Data center 120 Demand 100 80 Successfully commenced full
Slide 15: Clean Power Business Footprints in 6 Countries Globally
Clean Power Business Footprints in 6 Countries Globally Total New Capacities Adding (MW) Wind Laos 289.5 Wind Vietnam 99 2025 2026 Remark: Information as of Nov 2025 and Unit is Contracted capacity on BCPG equity MW ppa 15
Slide 16: Bio-Based Products Business
Bio-Based Products Business EBITDA (MB) Avg. Market Price (Baht/Liter) Source: EPPO B100 Ethanol EBITDA 286 MB (+>100% QoQ) significant increase from both products 35.6 35.6 36.7 286 Biodiesel Business 161 30.4 85 • Higher spread between selling prices and raw material costs 19.4 18.3 for B100 and i
Slide 17: Natural Resources Business
Natural Resources Business EBITDA (MB) Sales Volumes (KBOEPD) EBITDA Draugen Yme Gjoa & Nova NGL 4,039 MB (+15% QoQ) driven by increased sales volume Ivar Aasen Brage Statfjord 13% Gas 40.8 Q3/25 Higher Sales Volume 33.0 36.3 36.3 24% 13.2 9.7 KBOEPD 36.3 KBOEPD (+10% QoQ) 6,734 12.2 • Higher sales
Slide 18: Upgraded Production Outlook
Upgraded Production Outlook Based on Solid Production Plan Production Guidance Revised Upward Project Development Progress Operator Draugen Partner Garn West South production well; New production guidance New drills expected drilling start late 2025, 32-33 production mid-2026 31-35 Brage 30-32 Sogne
Slide 19: Agenda
Agenda 01 Bangchak Group Performance 02 Q4/2025 Outlook
Slide 20: Q4/2025 Outlook
Q4/2025 Outlook Refinery Business Marketing Business >10 7.4 Hight level of GRM in Q4/25, driven by Total Sales Volume GRM ($/bbl) 4.0 4.4 favorable middle distillate spreads Unit: ML/MO +2-3% Modest growth supported by Crude Run 268 +5% due to constrained global supply a rebound in retail sales dur
Slide 21: Crafting a Sustainable World with Evolving Greenovation
Crafting a Sustainable World with Evolving Greenovation http://www.bangchak.co.th Bangchak @Bangchak.WOW
Slide 22: 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 23: EBITDA Structure (Consolidated)
EBITDA Structure (Consolidated) Unit: THB Million Q3/2024 Q2/2025 Q3/2025 QoQ YoY 9M/2024 9M/2025 YoY Total Revenue 154,193 125,827 123,305 -2% -20% 447,631 383,780 -14% Refinery and Trading Business 1/ 129,152 102,844 99,851 -3% -23% 373,716 312,792 -16% Marketing Business 2/ 95,192 89,202 88,200 -
Slide 24: Profit and Loss (Consolidated)
Profit and Loss (Consolidated) Consolidated Statement of Income (THB Million) Q3/2024 Q2/2025 Q3/2025 QoQ YoY 9M/2024 9M/2025 YoY Revenue from sale of goods and rendering of services 154,193 125,827 123,305 -2% -20% 447,631 383,780 -14% Cost of sale of goods and rendering of services (150,891) (123,
Slide 25: Financial Ratio (Consolidated)
Financial Ratio (Consolidated) Q3/2024 Q2/2025 Q3/2025 9M/2024 9M/2025 Profitability Ratios (%) Gross Profit Margin 2.16% 2.18% 6.63% 5.44% 5.27% EBITDA Margin 4.86% 2.92% 8.33% 7.72% 6.94% Net Profit Margin -1.10% -2.72% 0.65% 0.90% 0.01% Return of Equity (ROE) 1.78% -3.81% 1.17% 1.78% 1.17% Effici
Slide 26: Revenue, EBITDA and Net Profit in 9M/2025
Revenue, EBITDA and Net Profit in 9M/2025 Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 447,631 16% 383,780 33,242 26,600 9M/2024 9M/2025 9M/2024 9M/2025 52% 26,600 MB 17% 9M/2025 PAT (MB) Core Profit (MB) 13% 2% 2,168 6,184 4,321 663 Refinery Marketing Clean
Slide 27: 9M/2025 Performance Snapshot comparing to 9M/2024
9M/2025 Performance Snapshot comparing to 9M/2024 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 19,809 4,290 4,652 3,501 14,167 4,833 4,771 3,743 654 666 9M/2024 9M/2025 9M/2024
Slide 28: Q3/2025: Core Profit to BCP (Excluding Extra Items)
Q3/2025: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = -2,078 MB (after tax net to BCP) (917) 135 (639) 3,186 (657) 1,108 Core PAT Inventory FX Gain Loss from One-time items PAT Q3/25 Loss & NRV FV of Derivative Q3/25 Derivatives 100% After Tax Net to BCP One-Time 100% After Tax
Slide 29: 9M/2025: Core Profit to BCP (Excluding Extra Items)
9M/2025: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = -5,521 MB (after tax net to BCP) (3,950) 6,184 359 (1,136) (795) 663 Core PAT Inventory FX Gain Loss from One-time items PAT 9M/25 Loss & NRV FV of Derivative 9M/25 Derivatives 100% After Tax Net to BCP One-Time 100% After Ta
Slide 30: Complementary Refinery Portfolio
Complementary Refinery Portfolio 9M/25 9M/25 9M/25 Phra Khanong Refinery Sriracha Refinery Bangchak Group Crude Run (Utilization Rate) 122 KBD (101%) 137 KBD (79%) 258 KBD (88%) 28-Day Planned Slowdown in May 3% 6% 5% 22% 27% 12% 32% 6% 9% Product Yield 49% 40% 44% 6% 9% 3% 8% 9% 3% 1% 9M/25 9M/25 9
Slide 31: Crude Oil Price Outlook
Crude price move around $60-70/BBL in Q4’25 and $60-65/BBL in 2026. Near-term risks point to high prices as sanction fears are likely Crude Oil Price Outlook : to discourage purchases of Russian oil from the new US sanctions. However, fundamentals still point to a crude oil surplus for the rest of t
Slide 32: Oil Outlook
Oil Outlook Gasoline crack likely to stay healthy due to gasoline demand continues to be relatively robust in both Europe and the U.S. Gasoil crack likely to stay healthy amid lower-than-average and seasonally high demand during winter will also support crack. Low Sulfur Fuel Oil crack could remain
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