Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — Q1 2025 Earnings Presentation
35 slides from Bangchak Corporation Public's earnings presentation, May 14, 2025
Slide 1: Analyst Meeting Q1/2025
Analyst Meeting Q1/2025 May 14, 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: Bangchak Business Portfolio
Bangchak Business Portfolio Paid – up Capital 1,376,923,157 Baht 20.0% 19.8% 15.2% 4.8% 40.2% Alpha Chartered Energy Vayupak Fund Social Security Office Ministry of Finance Public Company Limited (As of 18 April 2025) Natural Resources SINGLE with production capacity of 28-32 KBD in 2025 LISTED- ENT
Slide 4: Agenda
Agenda 01 Restructuring Plan 02 Bangchak Group Performance
Slide 5: Restructuring Plan
Restructuring Plan To purchase all securities in BSRC via share swap of BCP’s newly-issued shares to delist BSRC from the SET SINGLE LISTED-ENTITY for Refinery & Marketing Business 1 2 3 4 Minimize Redundant Enhance Competitiveness Response to Business Strengthening Operating Structure & Process & E
Slide 6: Restructuring Plan: Highlights
Restructuring Plan: Highlights To tender offer for all BSRC shares via share swap of BCP’s newly-issued shares to delist BSRC from the SET Approved in AGM Tender Offer Period Delisting BSRC BSRC: 9 APR 2025 Mid SEP – NOV 2025 DEC 2025 (1) BCP: 11 APR 2025 (25-45 Business Days) Swap Ratio BCP’s Newly
Slide 7: Agenda
Agenda 01 Restructuring Plan 02 Bangchak Group Performance
Slide 8: Q1/2025 Performance Snapshot
Q1/2025 Performance Snapshot Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 25% 52% 12,666 MB Q1/2025 PAT (MB) Core Profit (MB) 14% 7% 2% Refinery Marketing Clean Power Bio-Based Natural Resources 8
Slide 9: Refinery and Oil Trading Business
Refinery and Oil Trading Business EBITDA (MB) Crude Run (KBD) Crude Run (KBD) EBITDA 3,139 MB (+>100% QoQ) 101% 102% 100% 85% Crude Run 86% 86% 268 KBD (-1% QoQ) 4,404 272 272 268 • Slightly soften performance was aligned with the weakening domestic 3,139 demand for oil consumption 150 150 149 Group
Slide 10: Project Update: Efficiency and Cost Optimization
Project Update Paving the Way for Next-Level Efficiency and Cost Optimization Voyage Expansion Catalyst Switching on The Fly 95% of Construction Progress (Apr 2025) Existing New Targeted to be completed by Q2/2025 Feed Feed Existing Feed system Shutdown New Feed System for Changing Valves New Cataly
Slide 11: Neat SAF Producer in Thailand
1 Neat SAF Producer in Thailand st Production 1 Capacity 8.5 Bn. THB for CAPEX with no Hydrogen No CIT for 8 years & 50% tax 97% Construction Progress SAF Blending Mandate Adoption Current SAF Blending Mandate Adoption Plant Construction deduction for the as of APR 2025 M. Liters/Day next 5 years Th
Slide 12: Bangchak's HEFA Process: Production Focus Mode
Bangchak’s HEFA Process Hydroprocessed Ester and Fatty Acids (HEFA) Production Focus Mode 12
Slide 13: Bangchak's HEFA Process: HVO Production Focus Mode
Bangchak’s HEFA Process Hydroprocessed Ester and Fatty Acids (HEFA) HVO Production Focus Mode 13
Slide 14: SAF Production Aligned with Global Aviation Standards
SAF Production Aligned with Global Aviation Standards To purchase UCO at 297 2,000 Service Stations nationwide within this year Strategic partnership & being a shareholders of the leading UCO collector in Thailand (Example of Domestic UCO suppliers): Source: ICAO 14
Slide 15: Marketing Business
Marketing Business EBITDA (MB) Sales Volume by Market (ML) EBITDA Retail Industrial 1,841 MB (+>100% QoQ) 3,540 3,567 3,498 • Backed by a significant reduced impact from inventory loss and lower SG&A expenses 2,156 2,094 2,103 1,899 1,841 Sales Volume (ML) 3,498 ML (-2% QoQ) 806 1,473 Industrial (-5
Slide 16: Strengthening Marketing Network
Strengthening Marketing Network Balancing Mass Products, While Expanding into High-Margin Segments High-Margin Segment Retail Market Share 29.3% (in Q1/25) Premium Product Market Share 13.6% Expansion Target: 13.0% Q1/25 Q1/24 +100 ss 2,2xx 2025E 2,163 ✓ Accelerating Network Expansion – now reaching
Slide 17: Strengthening Marketing Network
Strengthening Marketing Network Unleashing Full Potential of Marketing Networks Evolving and Growing EV Pavilion Experience First Branch at BSRC Service Station 8Active Sites (Targeting 12 sites in 2025) Expansion Target: +372 sites 1,400 1,028 2025E 2024 419 EV Charging Stations with 1,252 Dispense
Slide 18: Level-Up for EBITDA Synergies Realization
Level-Up for EBITDA Synergies Realization: THB 1,810 mn. in Q1/2025 Refinery Operations 48% Marketing Network 15% ~฿860 mn. THB ~฿280 mn. THB (from 880 mn THB in Q1/24) (from 140 mn THB in Q1/24) ✓ Crude sourcing ✓ Increase sales volume of premium products ✓ Improved utilization ✓ Expand Marine, Asp
Slide 19: Clean Power Business
Clean Power Business Sellable Output Breakdown by Power Types EBITDA EBITDA (MB) 903 MB (-16% QoQ) Solar - TH (88.4 GWh) Softened Electricity Output (GWh) 5% 1,625 Gwh (-10% QoQ) 1,625 1% 4% Wind – TH (4.0 GWh) Slight reduction in electricity sales volume, influenced by 1,411 Wind – PH (18.3 GWh) 1,
Slide 20: Clean Power Business Footprints in 7 Countries Globally
Clean Power Business Footprints in 7 Countries Globally Total New Capacities Adding (MW) ➢ 99 MW: Wind in Vietnam ➢ 290 MW: Wind in Laos Remark: Information as of March 2025 and Unit is Contracted capacity or equity MWppa 20
Slide 21: Clean Power Business: 2025 Project Highlights
Clean Power Business: 2025 Project Highlights Laos to Vietnam Monsoon Project Plant Construction on Track 290 MWe Wind Farm under construction as planned 133/133 turbines were installed Construction Progress: 96% Target Full COD: 2H2025 Installed MW 600 MW Equity MW 290 MW Holding (%) Effective hold
Slide 22: Bio-Based Products Business
Bio-Based Products Business EBITDA (MB) Avg. Market Price (Baht/Liter) Source: EPPO B100 Ethanol EBITDA 46.0 296 MB (-7% QoQ) 43.5 35.8 35.8 Bio-Based Business 318 296 284 • Decline in biodiesel sales volume (-15% QoQ), reflecting 31.2 30.6 full-quarter impact from the directive to reduce the biodie
Slide 23: Natural Resources Business
Natural Resources Business EBITDA (MB) Sales Volumes (KBOEPD) Draugen Yme Gjoa & Nova NGL EBITDA Ivar Aasen Brage Statfjord 12% 46.6 Gas Q1/25 6,625 MB (+32% QoQ) 11.3 39.1 39.1 25% 29.2 8.5 KBOEPD 7,404 6,625 13.9 8.7 Higher Sales Volume 12.9 63% 5,007 2.8 2.2 4.8 39.1 KBOEPD (+34% QoQ) 3.4 0.6 1.2
Slide 24: Creating Value through Active Ownership
Creating Value through Active Ownership Building Long-Term Value Creation Potential New Drill Fields to Build Up The Portfolio Success in fighting decline for Draugen Operator thanks to Hasselmus on-stream in Q4/23 Partner New drill Production (gross, MMBOE) Previous Operator OKEA 20 Production Effi
Slide 25: Strong Financial Status Going Forward
Strong Financial Status Going Forward Resilience Data as of 31 Mar 2025 Cash(1) Asset Debt(2) EBITDA LTM(3) 28,459 MB 319,392 MB 127,221 MB 37,767 MB Remark: (1)Including S/T investment (2)L/T loans and debentures (included current portion of L/T loans and debentures) and S/T loans from financial in
Slide 26: Investment Plan
Investment Plan Pipeline 2025 CAPEX Plan 50% Maintenance BAU Total 50,000 mn.THB 50% M&A Refinery & Bio-Based Natural Oil Trading Marketing Green Power Products Resources New Business 4,500 2,900 20,000 1,000 20,000 1,600 Project Update Wind Farm in Vietnam Potash Mining in Nakhon Ratchasima ✓ 99 MW
Slide 27: Thank You
THANK YOU ir@bangchak.co.th Add our LINE official account to get the latest news and more! Tel. +66 2335 8663/ 8518 / 8662 / 8040 @bcpir www.bangchak.co.th
Slide 28: Q1/2025 Performance Snapshot comparing to Q4/2024
Q1/2025 Performance Snapshot comparing to Q4/2024 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 3,139 7,404 6,625 4,404 1,841 1,411 5,007 1,074 903 296 173 1,899 284 318 806 Q1/
Slide 29: Complementary Refinery Portfolio
Complementary Refinery Portfolio Q1/25 Q1/25 Q1/25 Phra Khanong Refinery Sriracha Refinery Bangchak Group Crude Run (Utilization Rate) 120 KBD (92%) 149 KBD (85%) 268 KBD (91%) 3% 6% 5% 22% 28% 32% 14% 11% 8% Product Yield 47% 40% 43% 8% 3% 9% 8% 9% 2% 1% Q1/25 Q1/25 Q1/25 Crude Source 26% 54% 6%1%
Slide 30: 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 31: EBITDA Structure (Consolidated)
EBITDA Structure (Consolidated) Unit: THB Million Q1/2024 Q4/2024 Q1/2025 QoQ YoY Total Revenue 135,382 142,246 134,647 -5% -1% Refinery and Trading Business 1/ 109,575 119,277 110,098 -8% 1% Marketing Business 2/ 100,385 98,078 96,159 -2% -4% Clean Power Business 3/ 1,194 921 731 -21% -39% Bio-Base
Slide 32: Profit and Loss (Consolidated)
Profit and Loss (Consolidated) Unit: THB Million Q1/2024 Q4/2024 Q1/2025 QoQ YoY Revenue from sale and services 135,382 142,246 134,647 -5% -1% Gain (loss) from derivatives (662) (806) 955 >100% >100% Accounting EBITDA 15,308 7,167 12,666 77% -17% Gain (loss) on foreign exchange 84 (115) 466 >100% >
Slide 33: Financial Ratio (Consolidated)
Financial Ratio (Consolidated) Q1/2024 Q4/2024 Q1/2025 Profitability Ratios (%) Gross Profit Margin 9.37% 4.40% 6.90% EBITDA Margin 11.97% 4.87% 9.44% Net Profit Margin 2.18% 0.10% 1.99% Return of Equity (ROE) 18.39% 3.31% 2.73% Efficiency Ratio (%) Return on Assets (ROA) 9.02% 8.48% 8.05% 31 Mar 20
Slide 34: Crude Oil Price Outlook
Crude Oil Price Outlook : Crude price move around 55-60 $/BBL in 2H’25, Price will be pressured by global economic slowdown from Trump’s tariffs. Market concern over US-China tensions and energy demand impacts. OPEC+ raising production plan. However, Trump’s policy is needed to be closely monitored
Slide 35: Oil Outlook
Oil Outlook Gasoline crack could be stable in 3Q due to demand during summer season and likely to be softer in 4Q after summer end. Gasoil crack could be softer in 3Q during low season before gradually increase ahead and throughout winter as heating oil demand increase from late 3Q. Stable Low Sulfu
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