Banpu Public Co. Ltd. · SET:BANPU
Banpu Public — Q1 2025 Earnings Presentation
62 slides from Banpu Public's earnings presentation, May 16, 2025
Slide 1: Banpu 1Q25 results
Banpu 1Q25 results Investor and analyst update 16th May 2025
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: Banpu aligned with global energy trends
Banpu aligned with global energy trends
Slide 4: Banpu's core asset platforms aligned with global energy trends
Banpu’s core asset platforms aligned with global energy trends US CHINA INDONESIA TRENDS SECTOR Decarbonized Gas-2-Power China economic stability Coal (reliable, affordable) will value chain benefits from requires balance: reliable be ‘stronger for longer’: surging AI-data center demand thermal base
Slide 5: 2025 energy outlook: implications for Banpu
2025 energy outlook: implications for Banpu Favorable Unfavorable POWER GAS COAL ▪ Growing US LNG export demand to markets such as Japan, Korea, Taiwan, TRENDS Indonesia, and Thailand in addition to EU’s ▪ Coal remains dominant source of energy ▪ Re-focus in global energy mix reliance on US to repla
Slide 6: Banpu in the US: strong outlook for Gas-CCUS-Power value chain
Banpu in the US: strong outlook for Gas-CCUS-Power value chain Closed-loop Net Zero Strategy KEY TRENDS Decarbonized Gas Power CCUS BKV’s Winning Tailwinds for US Gas Gas-fired power deemed Continuous Formula from LNG resurgence most affordable and reliable bipartisan support backed by favorable pol
Slide 7: Banpu in the US: CCUS business scaling-up
Banpu in the US: CCUS business scaling-up CCUS TARGET AND OPPORTUNITY PIPELINE UNITED STATES OF AMERICA LOUISIANA Existing Projects HIGH WEST c.16 Mtpa TARGET PROJECT PRE-FID CO2e injection By 2030s ▪ The project is expected to A BARNETT ZERO 183 kt dispose GHG emissions of local (4Q23) OPERATING th
Slide 8: Banpu in the US: CCUS business scaling-up (new JV focus)
Banpu in the US: CCUS business scaling-up (new JV focus) $500 M commitment from CIP(1) through its 51% 49% Energy Transition Fund with potential to expand to $1 bn upon mutual agreement. BKV has contributed CIP has committed $500M 2 projects to the JV: and will cover 100% of the JV including Barnett
Slide 9: Banpu in China: strong fundamentals for both coal and renewables
Banpu in China: strong fundamentals for both coal and renewables KEY TRENDS Coal Power Carbon National Emissions Coal remains central to China’s energy self-sufficiency enables Trading System China’s energy mix continued expansion of renewables continues to gain traction China Power Mix by type Chin
Slide 10: Banpu in China: recent developments
Banpu in China: THERMAL RENEWABLES recent developments 944 MW 343 MW Total committed capacity MAP OF OPERATIONS Installed equity capacity incl. solar rooftops Value realization: New project: Revenue Generation from Jinhu Qianfeng Sustainable CHP Operations Solar Farm CARBON EMISSION ALLOWANCE PROJEC
Slide 11: Banpu in Indonesia: coal hits record-high as energy needs rise
Banpu in Indonesia: coal hits record-high as energy needs rise KEY TRENDS Coal Largest coal exporter with all-time high coal production and sale in 2024 to meet increase in domestic demand and exports Indonesia Coal Production Planned Coal-fired Capacity(1) Danantara Energy Transition Unit: Mt Unit:
Slide 12: Banpu in Indonesia: profitability maximization and cost management
Banpu in Indonesia: profitability maximization and cost management Cost Management : Margin Enhancement : ITM PRODUCTION REVENUE MAXIMIZATION MANAGE UNCONTROLLABLE COST PRESSURES COAL PRICING OPTIMIZATION Efficient fuel consumption INTEGRATED ▪ Utilize coal blending to strategically target wider mar
Slide 13: Banpu: 1Q25 highlights
Banpu: 1Q25 highlights ROBUST FINANCIAL MANAGEMENT KEY FINANCIAL METRICS SUCCESSFUL BOND ISSUANCE Sales Revenue Gross Margin THB 8 bn $1,284 M 22% issued to refinance Banpu’s existing debt and support disciplined capital structure management CREDIT RATING As of April 21, 2025 EBITDA ND/E A+ Credit r
Slide 14: Financial Summary
Financial Summary
Slide 15: Sales revenues – 1Q25
Consolidated financials: FINANCIALS Sales revenues – 1Q25 TOTAL SALES REVENUE SALES REVENUE FROM OPERATIONS Unit: US$ M % CHANGE Unit: US$ M QoQ YoY 1,184 -6% +13% QoQ YoY 1,029 160 1,038 -12% +1% Power 1,369 Others 190 174 204 +28% +7% 1 1,284 -16% +17% Gas 154 1,134 134 1 Energy technology 211 232
Slide 16: Consolidated EBITDA – 1Q25
Consolidated financials: FINANCIALS Consolidated EBITDA – 1Q25 CONSOLIDATED EBITDA, BY QUARTER Unit: US$ M % CHANGE QoQ YoY -11% -7% Energy technology 300 287 -14% -165% 5 268 25 Power 55 4 +122% 0% 73 55 49 1 Gas 18 31 85 +16% +72% 17 Australia Coal 6 10 +828% -80% 179 142 108 China Coal -42% -39%
Slide 17: NPAT – 1Q25
Consolidated financials: FINANCIALS NPAT– 1Q25 1Q25 NET PROFIT AFTER TAX 4Q24 NET PROFIT AFTER TAX Non-recurring items: Net FX gain / (loss), net tax ($8.7 M) Unit: US$ M Unit: US$ M Other non-recurring ($63.2 M) Derivative gain / (loss) ($3.7 M) ▪ Realized financial derivatives $2.0 M 268 Non-recur
Slide 18: Energy Resources
Energy Resources
Slide 19: Gas Business: 1Q25 highlights
Gas Business: NATURAL GAS 1Q25 highlights Our gas assets offer a differentiated platform with significant growth potential Average local price (3) $3.28/Mcfe +36% QoQ Pennsylvania Sales volume Marcellus Shale 0.54 Tcfe 1P reserves (1) GAS Texas 69 Bcfe -3% QoQ Texas Gas Upstream Eagle Ford Barnett S
Slide 20: Gas Business: 1Q25 performance
Gas Business: NATURAL GAS 1Q25 performance The 1Q25 financial performance highlights our ability to generate solid cash flow amidst elevated commodity prices. Gas Sales Volumes CCUS Sequestered Carbon Volume Total Realized Revenue(2) Unit: Bcfe(1) Unit: Tons of CO2e Unit: $M -8% -3% +44% -11% +22% +
Slide 21: US gas market update
Gas Business: NATURAL GAS US gas market update US Consumption & Projection US Natural Gas Production US Storage Level Unit: Bcf/d Unit: Bcf/d Unit: Bcf 120.0 60 Actual Forecast Forecast 115 4,500 100.0 50 4,000 PRODUCTION 105 3,500 80.0 40 EXPORT 3,000 95 60.0 30 2,500 2,000 85 20 40.0 1,500 75 10 1
Slide 22: Robust Gas prices expected in 2025
Gas Business: NATURAL GAS Robust Gas prices expected in 2025 US Rig Count vs Henry Hub Price Comments US oil and natural gas rig count Henry hub spot price ▪ Oil and gas rigs in 1Q25 remained at the same Unit: rigs Unit: $/MMBtu level as 2H24 and are expected to stay relatively flat through 2025, ma
Slide 23: CCUS Business: Progress and development
CCUS Business: CCUS Progress and development Forecasted annual avg. CO2e injection rate TARGET by 2030s 183 kt 32 kt 90 kt ~16 Mt Recent development OPERATING DEVELOPING DEVELOPING CCUS partnership with Barnett Zero Cotton Cove Eagle Ford Comstock Resources ▪ BKV entered into non-binding agreement t
Slide 24: Mining Business: 1Q25 highlights
Mining Business: 1Q25 highlights MINING MAP OF MINING OPERATIONS(1) Mongolia (100%) Tsant Uul Production volume China Gaohe and Hebi 93 Mt Reserves 9.8 Mt 0% QoQ (CV: 6,500 – 7,000 kcal/kg) Sales volume ITM Indonesia 334 Mt Reserves(2) (CV: 5,950 – 6,250 kcal/kg) 10.3 Mt -14% QoQ Operating EBITDA Ce
Slide 25: Mining Business: Operational summary
Mining Business: Operational summary MINING ROM Production and Key Updates Australia Coal China Coal 2025 target: 8.3 Mt 2025 target: 10.0 Mt ▪ Gaohe: Targeting 2025 raw coal ▪ 1Q25 production was 1.3 Mt, output increase from 9.0Mt to down 17% QoQ due to longwall 9.8Mt; improving efficiency -8% -17%
Slide 26: Mining Business: Cost summary
Mining Business: Cost summary MINING Average Total Cost Breakdown Australia Coal (1) China Coal Unit: A$/t Unit: RMB/t ▪ 1Q25 avg. cost fell 12% QoQ GAOHE ▪ 1Q25 total cost dropped to 161 171 RMB 403/t at Gaohe and 156 to A$171/t (down A$23/t), 447 137 impacted by longwall 427 403 404 D&A RMB 639/t
Slide 27: Global thermal coal market
Mining Business: Global thermal coal market MINING COAL DEMAND AND SUPPLY CHANGE – 2025e VS 2024 Demand trends Global markets remain volatile amid trade and geopolitical tensions; higher Unit: Mt Demand Supply tariffs weigh on industrial output and coal demand, with US policy adding further pressure
Slide 28: Group coal sales
Mining Business: Group coal sales Coal Sales (3) Pricing Status MINING Coal Sales Source (1) : Destination Analysis, 2025e 2025e Indonesia Unsold 16.8 Mt 23% Fixed 27% 6.3 Mt Average Selling Price* 28.3 0.3 Mt 5.4 Mt 1Q25 US$80.7/t Mt 10.5 Mt -13% QoQ 1.3 Mt S Korea Indexed 4.1 Mt 50% 2.3 Mt China 0
Slide 29: Energy Generation
Energy Generation
Slide 30: Energy Generation: 4,965 MW committed capacity
Energy Generation: ENERGY GENERATION 4,965 MW committed capacity CHINA 3,935 MW 548 MWe CHP committed thermal equity capacity (618 MWe gross) JAPAN 396 MW SLG IPP (1,320 MW gross) 150 MW RE 343 MW RE 1,030 MW committed renewables capacity LAOS VIETNAM 751 MW HPC IPP (1,878 MW gross) 206 MW RE 627 MW
Slide 31: Temple I and II: performance highlights
Energy Generation: ENERGY GENERATION Temple I and II: performance highlights OPERATIONAL PERFORMANCE FINANCIAL PERFORMANCE Unit: US$M (100% interest) QoQ: +23% QoQ: -69% Net generation (GWh) YoY: -4% Total revenue YoY: +9% Merchant HRCO(1) + SS(2) 1,657 1,588 1,228 108 118 70 1Q24 4Q24 1Q25 1Q24 4Q2
Slide 32: Thermal Power: 1Q25 updates
Thermal Power: ENERGY GENERATION 1Q25 updates HPC BLCP Higher EAF was driven by fewer maintenance Lower EAF resulted from longer planned maintenance days and more efficient operations, while lower compared to the previous year, while the higher profit profit sharing was mainly due to reduced foreign
Slide 33: Renewables + Energy Technology
Renewables + Energy Technology
Slide 34: Renewables & Energy Tech.: 1Q25 portfolio
Renewables & Energy Technology: RENEWABLES & ENERGY TECH. 1Q25 portfolio EBITDA $4 M (-14% QoQ) INFRA SERVICES ENERGY MGMT. SERVICES NEW BUSINESS & INVESTMENT Renewables Solar: rooftop & floating Battery manufacturing 745 MW 285 MW 3.2 GWh Committed capacity Committed capacity Production capacity En
Slide 35: Infrastructure Services: Renewables 1Q25 updates
Infrastructure Services: Renewables RENEWABLES 1Q25 updates Vietnam Solar China Solar – New Development China Solar Nhon Hai Solar maintained Lower power sold due to grid curtailment and lower irradiation. a stable capacity factor and Jinhu Qianfeng Solar Farm power sales. Power sold Power sold ▪ In
Slide 36: Infrastructure Services: BESS 1Q25 updates
Infrastructure Services: BESS BATTERY ESS 1Q25 updates Iwate Tono BESS New Development Construction is 99% complete, pending grid connection Kamigumi-Tokyo BESS Project Committed PROJECT OVERVIEW PROJECT INVESTMENT 58 MWh capacity 2Q25 Expected COD 2 MW / 8 MWh c. JPY 623 M 49% 51% Committed capacit
Slide 37: Energy Management Services: 1Q25 energy trading updates
Energy Management Services: ENERGY TECHNOLOGY 1Q25 energy trading updates IMPLEMENTED MARKETING & SALES STRATEGY, SECURING SUPPLY DEALS VIA TENDERS AND OPTIMIZING ARBITRAGE IN HIGHLY LIQUID PHYSICAL AND FINANCIAL MARKETS 2,020 GWh 1,698 clients 9 utility areas 1Q25 accumulative sales Increasing from
Slide 38: 1Q25 solar rooftop project updates
Energy Management Services: ENERGY TECHNOLOGY 1Q25 solar rooftop project updates BANPUNEXT AND SOLARBK ESTABLISH JV TO ACCELERATE THE SOLAR MARKET EXPANSION IN VIETNAM 390 MW 24 March 2025 Phase 1 rooftop JV establishment capacity target COMPREHENSIVE GREEN ENERGY SOLUTIONS Export manufacturers High
Slide 39: 1Q25 e-mobility updates
New Business and Investments: ENERGY TECHNOLOGY 1Q25 e-mobility updates EV FLEET STATIONS (EVFS) FOR COMMERCIAL FLEET 9 locations 21 chargers 491,498 kWh Nationwide coverage In operation Cumulative electricity sold since Dec ‘24 ▪ Secured 4 long-term contracts with potential customers in logistics a
Slide 40: Key Takeaways & 2025 Outlook
Key Takeaways & 2025 Outlook
Slide 41: Looking to 2025 and beyond
Looking to 2025 and beyond ▪ Focused growth: selective investments with attractive return profile at the right timing ▪ Operational excellency: structural cost reduction along with continued decarbonization and digitalization efforts across all pillar ▪ Gas: strong recovery of gas prices, locking in
Slide 42: Appendix
e Appendix
Slide 43: 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 ENERGY RESOURCES ENERGY GENERATION ENERGY TECHNOLOGY New S-Curve
Slide 44: Renewable Power & BESS: >1 GW committed capacity
Renewable Power & BESS: >1 GW committed capacity 1,030 MW RENEWABLES committed renewables capacity CHINA 343 MW RE 627 MW solar power JAPAN 150 MW RE 274 MWh BESS 285 MW rooftop and floating solar 118 MW wind power VIETNAM 206 MW RE 274 MWh BATTERY ESS THAILAND US committed BESS capacity 108 MW RE 2
Slide 45: ESG leadership and credit rating recognition
Banpu: ESG leadership and credit rating recognition BANPU ESG RATINGS CREDIT RATINGS A Awarded since 2014 Awarded since 2015 Honor since 2018 Best Public Company of the Year 2023 in the SET & Best rating for three consecutive Company of the Year 2023 years for demonstrating Recognized as a constitue
Slide 46: 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 BBB Management Rating to supervise ESG targets and performance ITM received the “BBB Management” rating BKV’s NEPA wells and facilities were f
Slide 47: Revised 2024 Decarbonization Achievements
Banpu: Revised 2024 Decarbonization Achievements Updated figures as of 1Q25 NEXT-GEN MINING DECARBONIZED GAS POWER Emission Pad of the Emission Sustainability is at the heart Reduction Initiatives Future Program Reduction Initiatives of Banpu with a strong commitment to achieve CHINA CHP 91.64 ktpa
Slide 48: 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 49: 'Integrated energy solutions' 2025
Banpu: ‘Integrated energy solutions’ 2025 ENERGY RESOURCES ENERGY GENERATION ENERGY TECHNOLOGY CCUS Renewable Power Rooftop & Floating Solar 212 kt CO2e Since first injection 745 MW 285 MW in 4Q23 Committed capacity Committed capacity Shale Gas Thermal Power Clean Energy Tech 761 MMcfed* 3.2 GWh (10
Slide 50: 2025 indicative guidance for Gas & CCUS Business
2025 indicative guidance for Gas & CCUS Business ILLUSTRATIVE AND INDICATIVE ONLY UNIT GUIDANCE FOR GAS BUSINESS (US$/MCFE) COMMENTS REVENUE Net production (Mmcfd) 755 – 790 NET BACK Average differential to Henry Hub $0.50 - $0.60 Difference selling points and Henry Hub (NYMEX basis) GCP&T (above th
Slide 51: China: Multiple factors curtail thermal coal import demand
China: Multiple factors curtail thermal coal import demand CHINA THERMAL COAL IMPORTS/EXPORTS* 1Q25 Unit: Mt ▪ China's economy grew 5.4% YoY in 1Q25, matching the pace in 4Q24, with strong Quarterly (annualized) Annually momentum in manufacturing and high-tech sectors ▪ Power consumption reached 2,3
Slide 52: India: Extreme summer heat waves drive coal demand high
India: Extreme summer heat waves drive coal demand high INDIA THERMAL COAL IMPORTS* 1Q25 ▪ India’s total electricity generation reached 381.6 TWh in 1Q25, increasing 1.5% YoY, Unit: Mt and 2.61% QoQ, driven by early summer heat. Quarterly (annualized) Annually ▪ Imported coal-fired generation rose 1
Slide 53: Banpu coal: Quarterly output summary
Banpu coal: Quarterly output summary AUSTRALIA OPERATIONS: COAL OUTPUT (MT) – ROM OUTPUT ON EQUITY BASIS Mines CV (kcal/kg) 3Q24 4Q24 1Q25 2Q25e Western operations 1.5 1.0 1.0 1.6 Springvale 6,700 1.0 0.5 0.4 1.0 Clarence 6,700 0.3 0.2 0.3 0.4 Airly 6,700 0.2 0.3 0.3 0.2 Northern operations 0.8 0.6
Slide 54: FX impact analysis guidance on P&L
Banpu: FX impact analysis guidance on P&L CURRENCY EXPOSURE NPAT IMPACT 1Q25 (US$M) APPROXIMATE FX EXPOSURE (US$M) NPAT 5% SENSITIVITY 2Q25 (US$M) Assuming 5% depreciation of local Net liability Net asset currencies against USD -2,300 THB 111 ▪ BOT forecast 2025 GDP at Banpu: AUD asset, 2.0% THB bon
Slide 55: Balance sheet – 1Q25
Banpu consolidated financials: Balance sheet – 1Q25 1Q25 CONSOLIDATED FINANCIAL POSITION DEBT FX STRUCTURE GEARING RATIOS US$ M Net debt / Equity* (x) CASH EQUIVALENT RMB Float AUD 1,547 1% Float 4% THB USD Float Fixed 0.90x 0.79x 0.83x TOTAL BORROWINGS 5% 6% 6,238 USD Float 30% ASSETS THB OTHER LIA
Slide 56: EBITDA breakdown
Banpu group: EBITDA breakdown 363 379 268 Unit: US$ M & holding 300 Consolidated Not consolidated companies 2Q24 3Q24 4Q24 1Q25 100% Australia Coal 65% Indonesia Coal China Coal 50% Smart Energy Solutions 79% Power 100% U.S. GAS** AACI OVERHEAD 181 183 115 96 80 60 50 73 85 48 52 1 6 0 0 0 0 0 4 5 4
Slide 57: Net debt breakdown
Banpu group: Net debt breakdown Unit: US$ M 4,662 4,691 Consolidated 4,447 4,477 Not consolidated & holding companies Net debt Net cash 2Q24 3Q24 4Q24 1Q25 65% Indonesia Coal 100% Australia Coal 100% Australia Power 79% Power 100% US Gas A$ M A$ M 887 851 827 816 344 176 137 148 250 75 83 87 82 97 1
Slide 58: Operating profit
Banpu consolidated financials: Operating profit US$ M 1Q25 4Q24 1Q24 QoQ% YoY% Total sales revenues* 1,284 1,368 1,134 -6% +13% Sales revenue – Coal** 640 879 711 -27% -10% Sales revenue – Gas 217 191 178 +14% +22% Sales revenue – Power 220 163 202 +35% +9% Sales revenue – Energy Technology 205 134
Slide 59: Operating profit
Banpu consolidated financials: Operating profit US$ M 1Q25 4Q24 1Q24 QoQ% YoY% Gross profit 284 348 235 -18% +21% GPM 22% 25% 21% SG&A (138) (154) (114) Royalty (66) (92) (64) Income from associates 27 38 31 Other income and Dividend 35 31 76 Mining property (7) (8) (7) EBIT 135 163 156 -17% -14% EB
Slide 60: Net profit
Banpu consolidated financials: Net profit US$ M 1Q25 4Q24 1Q24 QoQ% YoY% EBIT 135 163 156 -17% -14% Interest expenses (80) (89) (101) Financial expenses (4) (4) (2) Income tax (core business) (26) (32) (19) Minorities (26) (31) (23) Net profit before extra items (1) 7 11 n.a. n.a. Non-recurring item
Slide 61: Australia coal: Quarterly equity ROM output
Australia coal: Quarterly equity rom output Total equity ROM (Mt) 2.6 2.4 NORTHERN 2.2 2.3 0.8 1.8 1.2 0.7 0.8 1.6 1.4 1.3 0.6 0.9 0.8 0.3 WESTERN 1.5 1.5 1.6 1.4 1 1 0.9 0.6 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 LW move Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Slide 62: Versatile Energy Company
VERSATILE ENERGY COMPANY ; iam li a ee