Thai Vegetable Oil Public Co. Ltd. · SET:TVO
Thai Vegetable Oil Public — FY2025 Earnings Presentation
40 slides from Thai Vegetable Oil Public's earnings presentation, Mar 17, 2026
Slide 1: YE 2025 Opportunity Day
YE YE 2025 2025 YE 2025 OPPORTUNITY OPPORTUNITY OPPORTUNITY DAY DAY DAY 17 Mar 2026 17 Mar 2026 YE 2025 Opportunity Day 1
Slide 2: Disclaimer
Disclaimer "The information contained in this presentation is provided exclusively for your personal reference. Additionally, this presentation includes projections and forward-looking statements that express our current expectations regarding future events and financial performance. These views are
Slide 3: Agenda
Agenda 2025 Highlights 2025 Recap Outlook Financial Performance Q&A YE 2025 Opportunity Day 3
Slide 4: YE 2025 Key Highlights
YE 2025 Key Highlights 4 < @ ; tt @ - ‘ | | Sales Gross Profit — Net Profit 27,453 3,591 2,189 THB mn THB mn THB mn Vv 9.1% YoY A 9.6% YoY A 4.1% YoY ¢ Lower Meal Prices | ¢ Cost Cuts > Revenue Dip ¢ 7-Year High NP (via GP) Oil Vol & Price Offset ¢ Sustained Double-Digit GPM ¢ Highest NPM (since 201
Slide 5: Capacity expansion
Capacity expansion TVO1 Improvement Completed Commercialize Q4 2025 New Total Capacity 7,000 tons / day (+1,000 tons/day from previous total capacity)) Enhance production efficiency with modern technology, resulting in increased production capacity and create a cost competitive advantage YE 2025 Opp
Slide 6: ESG: Energy Transition
ESG: Energy Transition NEW PROCESS : ENERGY REDUCTION 85% RENEWABLE ENERGY USAGE SUBSTITUTE BIOMASS FOR Resulting in 160,000 COAL TO LOWER EMISSIONS tCO2e are reduced by substitute BIOMASS for COAL SOLAR ROOF (PLAN 10 MW BY 2028) 3.5 MW SOLAR ROOF INSTALLATION 11 YE 2025 Opportunity Day 6
Slide 7: External Recognition: ESG Ratings & Global Benchmark
External Recognition: ESG Ratings & Global Benchmark S&P CSA Recognized in The Sustainability Yearbook 2026 by S&P Global “Strong sustainability performance within the Food Products industry” YE 2025 Opportunity Day 7
Slide 8: 2025 Recap
2025 Recap YE 2025 Opportunity Day
Slide 9: Revenue Structure
Revenue Structure 50,000 39,107 34,195 40,000 31,307 18% 30,596 27,793 30,000 16% 22% 18% Export and others 16% 20,000 56% Soybean Meal 57% 59% 59% 52% Soybean Oil 10,000 27% 26% 23% 32% 19% 0 2021 2022 2023 2024 2025 Breakdown by product Breakdown by Channel Animal Feed Soybean Oil Export Industry
Slide 10: Soybean Sourcing
Soybean Sourcing Soybeans Exports Exports 2025/26 182 172 178 Unit: mil.MT 166 165 154 ROW 46 50 US 54 46 62 59 United States Production 116.0 Thailand Export 42.9 Production 0.05 Import 4.2 92 96 104 106 82 79 Brazil 2019/20 2020/21 2021/22 2022/23 2023/24e 2024/25p • TVO prioritizes purchasing soy
Slide 11: TVO Business Overview: Animal Food Ingredient
TVO Business Overview Animal Food Ingredient YE 2025 Opportunity Day
Slide 12: Distribution Channel of TVO's animal feed ingredient product
Distribution Channel of TVO’s animal feed ingredient product Feed Miller 70%-80% Livestock Farms 20%-30% YE 2025 Opportunity Day 12
Slide 13: Local and Export Demand
LOCALExports DEMAND Thailand Chicken Meat Export (‘000 MT) Thailand Pig Margin (Baht/Kg.) 20 +6% 8.67 8.9 1500 YoY 10 5.1 4.07 1.96 1000 0 -1.58 500 934 980 957 967 1,063 1,150 1,223 1,290 -10 -8.8 -20 0 2018 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Thailand Chicken Prod
Slide 14: Thailand Feed and SBM Demand
Thailand Feed & SBM Demand Thailand Feed and SBM Demand 2022 Unit: mMT ASF outbreak 6.00 5.28 Russia invaded Ukraine 25.00 20.00 5.00 SBM demand 20Y CAGR = 3% 2.90 4.00 15.00 22.06 3.00 10.00 2.00 12.23 5.00 1.00 Feed demand 0.00 0.00 20Y CAGR = 3% 2012 2014 2013 2017 2018 2019 2010 2008 2011 2015 2
Slide 15: Domestic Soybean Meal Source
Domestic Soybean Meal Source Soybean meal produced by local crusher accounts for 40% of the total supply in the country. 60% Import (~3 mil. tons/year) 40% Local Crushers (~2 mil. tons/year) YE 2025 Opportunity Day 15
Slide 16: TVO Business Overview: Edible Vegetable Oil
TVO Business Overview Edible Vegetable Oil YE 2025 Opportunity Day
Slide 17: YE 2025 Opportunity Day
Tasaosmu? Tasnosmu? " rf anumunua TWauswylsu awAoUAUADIAdInEsea anmsifianoiaainosoaluswmula 3 % uqwunauassu uqwunaaluar =a Tasnosniu? aneroulerole
Slide 18: YE 2025 Opportunity Day
YE 2025 Opportunity Day
Slide 19: Thailand's Consumer Soybean Oil Market
Thailand’s Consumer Soybean Oil Market Soybean oil has a market share of 24% of “Angoon” Soybean Oil dominates the Soybean oil the total Thai edible oil market. market in Thailand with a market share of 59% Thai edible oil Thai soybean oil market share Others market share 15% Palm Oil 72% Soybean Oi
Slide 20: Edible Vegetable Oil Markets
Edible Vegetable Oil Markets Domestic Industrial Exports Exports Food Industries Non-Food Industries ▪Canned Tuna ▪Paint Industry ▪Salad oil ▪Raw Materials ▪Chili Paste ▪Fried Food YE 2025 Opportunity Day 20
Slide 21: Good Health Great Taste
ORY GOOD HEALTH GREAT TASTE YE 2025 Opportunity Day ®
Slide 22: Outlook
Outlook YE 2025 Opportunity Day 22
Slide 23: Next big developments in G&O Markets
Next big developments in G&O Markets Brazil Crop 25/26 Harvest Argentina Crop 25/26 Harvest U.S. Planting 26/27 Harvest 4Q25 1Q26 2Q26 3Q26 9 Apr WASDE Prospective 31 Mar Plantings Grain Stocks YE 2025 Opportunity Day
Slide 24: Global Supply
500.0 GLOBAL SUPPLY Exports 450.0 YOY -3 400.0 YOY +5 Brazil and Argentina Production (mmt) 350.0 Argentina US Soybeans Production (mmt) Production BU/Acre 300.0 175 53.0 54.0 51.9 51.7 53.0 250.0 223 228 155 51.0 50.7 52.0 203 50.6 50.6 176 178 186 175 187 135 49.5 51.0 200.0 158 170 161 49.2 50.0
Slide 25: Brazil Soybean Harvest at 55% (vs. 64% average)
Brazil Soybean Crop Progress: 2025/26 Season Brazil Soybean Harvest at 55% (vs. 64% average) ที่มา:X YE 2025 Opportunity Day
Slide 26: Weather Outlook for Brazil Soybean Growing Areas: 2025/26 Season
Weather Outlook for Brazil Soybean Growing Areas: 2025/26 Season Source: LSEG YE 2025 Opportunity Day
Slide 27: Argentina Soybean Crop Progress: 2025/26 Season
Argentina Soybean Crop Progress: 2025/26 Season Argentina Soybean Crop rating Source: StoneX YE 2025 Opportunity Day 27
Slide 28: Weather Outlook for Argentina Soybean Growing Areas: 2025/26 Season
Weather Outlook for Argentina Soybean Growing Areas: 2025/26 Season ทีม ่ า: LSEG YE 2025 Opportunity Day
Slide 29: U.S. soybean planted area for 2026/27 expected to increase
U.S. soybean planted area for the 2026/27 season is expected to increase (with corn acreage declining), as the CBOT soybean-to-corn price ratio > 2.4 >2.4 Favor Mil. acres Soybeans <2.4 Favor Corn Source: USDA, Bloomberg YE 2025 Opportunity Day
Slide 30: Global Demand
GLOBAL DEMAND Exports Brazil Export (MMT) +11% China Domestic Consumption (MMT) +4.4% 110 110 90 90 70 70 50 50 30 51 54 63 76 75 92 82 79 96 104 103 114 30 10 88 96 104 107 103 110 115 110 118 122 127 133 10 US Export (MMT) US Domestic Consumption (MMT) 70 -16% 110 60 +5.8% 90 50 70 40 30 50 20 30
Slide 31: Soybeans Soar as Trump Says China to Buy More
Soybeans Soar as Trump Says China to Buy 8 MMT More Source: Bloomberg, TradingView YE 2025 Opportunity Day
Slide 32: Surging Proposed RVO Mandates Drive Soybean Oil Demand
Surging Proposed RVO Mandates Drive Steady Growth in Soybean Oil Demand Source: EPA YE 2025 Opportunity Day 32
Slide 33: Historical Price Parity of Soybean Oil and WTI Crude
Historical Price Parity of Soybean Oil and WTI Crude Subprime Russia's 2022 Mortgage Ukraine invasion Crisis Iran Tensions Crude oil vs Crude WTI and Houthi sbo oil Attacks Israel-Iran Escalations U.S. Shell Oil Glut CBOT Soyoil COVID-19 Source: Bloomberg YE 2025 Opportunity Day
Slide 34: Soybean Weekly Chart
Soybean Weekly Chart YE 2025 Opportunity Day
Slide 35: Soybean Market Outlook: Bullish vs. Bearish Factors
Soybean Market Outlook: Bullish vs. Bearish Factors BULLISH DRIVERS 56 BEARISH DRIVERS Easing US-China Record Global = Fa Trade Tensions Ending Stocks De-escalation between the two my Global soybean reserves remain nations acts as a primary bullish at peak levels for the second driver for the market
Slide 36: Financial Performance
Financial Performance YE 2025 Opportunity Day 36
Slide 37: Revenue, Gross Profit & GPM, Net Profit & NPM
Unit: MB Unit: MB +22.9% QoQ -9.2% YoY 35,000 30,596 27,793 30,000 -0.6% YoY 25,000 20,000 7,921 6,405 7,873 15,000 10,000 5,000 Revenue - 4Q2024 3Q2025 4Q2025 2024 2025 Unit: MB Unit: MB +13.2% QoQ +9.6% YoY -25.8% YoY 7,000 14.6% 11.8% 10.9% 10.7% 12.9% 20% 6,000 10% 5,000 3,277 3,591 0% Gross Pro
Slide 38: Current Ratio, D/E Ratio, ROA, ROE
Current Ratio (x) D/E Ratio (x) 4.5 4 3.71 3.90 3.5 3.03 2.91 0.80 0.73 3 0.70 2.5 1.96 0.60 0.35 0.50 0.31 2 0.25 0.22 0.40 1.5 0.30 1 0.20 0.5 0.10 0 0.00 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 ROA (%) ROE (%) 22.2 25.00 25 19.3 19.0 18.6 20.0 19.5 16.3 20.00 20 15.00 12.8 15 10.00 6.0
Slide 39: EPS, Dividend Payout Ratio, Dividend Yield
EPS (Baht/Share) Dividend Payout Ratio (%) 2.56 99% 120% 2.46 3 2.36 86% 80% 100% 2.5 1.80 73% 62% 80% 2 60% 1.5 1 0.82 40% 0.5 20% 0 0% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 4.0 0 3.5 0 Dividend (Baht/Share) Dividend Yield (%) 3.0 0 2.5 0 2.20 1.97 8.8% 7.8% 10.00% 2.0 0 1.73 9.00% 7.5%
Slide 40: Q&A
Q&A YE 2025 Opportunity Day 40
Thai Vegetable Oil Public — FY2025 Earnings Presentation on 6ix