Bangchak Corporation Public Company Ltd · SET:BCP
Bangchak Corporation Public — FY2025 Earnings Presentation
45 slides from Bangchak Corporation Public's earnings presentation, March 2026
Slide 1: Opportunity Day Q4/2025 & FY2025
Opportunity Day Q4/2025 & FY2025 March 2026
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: Honoring Achievements: 2025 Awards & Recognitions
Honoring Achievements: 2025 Awards & Recognitions Sustainability Business People Royal Award for Sustainable Development TIME Best Companies Asia-Pacific 2026, 2025 Mercer Best Employers Thailand Top 3 among 11 Thai companies from Mercer (Thailand) Limited for 2nd Consecutive Year Excellence and 5 D
Slide 4: 2025 Performance Summary
2025 Performance Summary Stronger Refinery Marketing Clean Power Natural Resources Bottom Line Business Business Business Business PAT (MB) Operating GRM ($/BBL) Sales Volume (ML) EBITDA (MB) +32% +66% +1% +6% Production Increase of 6.72 13,899 5,090 >20% 2,184 2,880 4.05 13,814 4,817 realized in 20
Slide 5: 2025 Key Achievement
2025 Key Achievement Record High Sustained +20% Successful Reinforced Crude Run Market Share Synergy Growth BSRC Delisting Credit Profile Significantly Increased Maintained 28.9% Exceeded Synergy Successfully Delisted BSRC Maintained Crude Run to Retail Market Share Targets with and Secured 99.7% A+
Slide 6: Building Momentum into 2026 through Five New Core Businesses
Building Momentum into 2026 through Five New Core Businesses 4 1 4 Trading Business Power & Infrastructure Business EBITDA Unit : (mn.THB) +25% >1,000 Capacity Revenue R&M and Biofuels Business 800 mn.THB mn.THB Unit : ($/MW-day) +1% 333 $/MW-day 2026E 2025 Refinery Run GRM +22% Unit : (KBD) 275* Un
Slide 7: Building Value Through Strategic Investment & Divestment
Building Value Through Strategic Investment & Divestment Disciplined Portfolio Optimization Investment Divestment Acquired CCGT Power Plants Divested Solar in the U.S. Power Plants in Japan (Invested in 2016) FEB 2023 JUN 2024 Divested Geothermal Divested in Indonesia Lithium mining (Invested in 201
Slide 8: Agenda
Agenda The Acquisition of 01 Chevron Hong Kong 02 Bangchak Group Performance
Slide 9: Chevron Hong Kong (CHK): Transaction Structure
Chevron Hong Kong (CHK): Transaction Structure 100% Purchase from Chevron Share Purchase Agreement (SPA) ▪ CHK operates retail oil business through service stations, industrial Listed on SET fuels, marine fuels business. Chevron Companies (Greater China) Limited ▪ Initial Consideration Value* of 270
Slide 10: Chevron Hong Kong (CHK): Strategic Investment Rationale
Chevron Hong Kong (CHK): Strategic Investment Rationale Rationale: Stable, High-Margin Earnings Base with Strong Cash Flow Visibility Strengthening Bangchak’s Refining & Hong Kong’s retail oil market delivers structurally high and stable marketing margins, supported by Marketing (R&M) platform throu
Slide 11: Chevron Hong Kong (CHK): Overview
Chevron Hong Kong (CHK): Overview A well-established downstream energy player with a 90-year operating history in Hong Kong, operating across retail fuels, commercial and industrial (C&I), marine fuels. Supported by a robust financial profile with stable margins and low integrated operating costs, C
Slide 12: Synergies Potential to Bangchak Group
Synergies Potential to Bangchak Group Value Chain Optimization Additional Phra Khanong, Sriracha, Trading & Distribution Production Trading Bangkok Chonburi Transportation Channel to Business Bangchak Group • Uplift Marine Fuel Volume Enhance Trading Volume: Capture Superior Margins in Gas Oil, Gaso
Slide 13: Hong Kong: Oil Market Overview
Hong Kong: Oil Market Overview Hong Kong’s Vehicle Registration2/ 100% Leading population1/ 909K vehicles Oil Import Maritime Hub 7.5 million (~84% being ICE) No refinery in Asia as of Dec 2025 data of 2025 in Hong Kong 5 Players in Retail Market Demand by Product % by Number of Stations ✓ Fully der
Slide 14: Chevron Hong Kong (CHK): Financial Consideration
Chevron Hong Kong (CHK): Financial Consideration Transaction fully funded Expected EBITDA Contribution to Maintain leverage post transaction with by bank loan & Bangchak’s cashflow Bangchak (CHK and Synergy among expected D/E from operation Bangchak Group) not over than 1.2 times* 1,500-2,000 mn.THB
Slide 15: Indicative Timeline
Indicative Timeline 100% Stake Purchase Signing Expected Completion 13 FEB 2026 Mid-2026 SPA signed between CIC Bangchak and Chevron Companies (Greater China) Limited 15
Slide 16: Agenda
Agenda The Acquisition of 01 Chevron Hong Kong 02 Bangchak Group Performance
Slide 17: 2025 Performance Snapshot
2025 Performance Snapshot Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 589,877 507,570 24% 40,409 35,753 43% 2024 2025 2024 2025 35,753 MB 2025 PAT (MB) Core Profit (MB) 16% 3% 14% 2,880 2,184 10,240 6,120 Refinery Marketing Clean Power Bio-Based 2024 2025 2
Slide 18: FY2025 Performance Snapshot comparing to FY2024
FY2025 Performance Snapshot comparing to FY2024 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 8,840 5,962 5,090 24,816 15,966 5,006 5,577 4,817 972 902 2024 2025 2024 2025 2024
Slide 19: Q4/2025 Performance Snapshot
Q4/2025 Performance Snapshot Total Revenue (MB) Accounting EBITDA (MB) Accounting EBITDA Breakdown by Business Unit 142,246 123,790 19% 9,154 7,167 Q4/2024 Q4/2025 Q4/2024 Q4/2025 2% 9,154 MB 48% 17% Q4/2025 PAT (MB) Core Profit (MB) 14% 4,056 Refinery Marketing 2,217 17 1,799 Clean Power Bio-Based
Slide 20: 2025 EBITDA Synergy Achieved at THB ~7,300 mn.
2025 EBITDA Synergy Achieved at THB ~7,300 mn. FY2024 FY2025 FY2026E ~6,000 mn.THB ~7,300 mn.THB +21% YoY >7,500 mn.THB 85% 15% Recurring Business 24% 2026E Improvement Synergy Corporate Cost Saving 55% ~฿1,800 mn. THB Marketing Network Refinery Operations ~฿1,000 (stable with 2024) 14% ✓ Economies
Slide 21: Refinery and Oil Trading Business
Refinery and Oil Trading Business Crude Run (KBD) Q4/25 VS Q3/25 EBITDA (MB) Crude Run (KBD) EBITDA 102% 102% 92% 102% 4,549 MB (+57% QoQ) 103% 90% 86% 82% 85% 81% Group Operating GRM 272 280 258 264 10.80 $/BBL 8,840 265 • Strengthen Operating GRM driven by a significantly rise in crack spreads 150
Slide 22: Achievement in 2025
Achievement in 2025 Delivering Tangible Efficiency Gains and Cost Advantages Facility Upgrading Standard & Quality Award Very Large Crude Carrier (VLCC) Loading The First Two – Refineries in Asia Pacific for ISO 55001: 2024 VLCC’s Asset Management System Certification Aframax Suezmax First Loading (
Slide 23: Project Update
Project Update Building Readiness for the Next Phase of Operational Excellence Facility Upgrading Asphalt Product Enhancement Crude Discharging Facilities Improvement Premium Asphalt Grade Blending Plant Improvement Next Step 80% Construction Progress as of Jan 2026 Aframax Suezmax VLCC Crude Discha
Slide 24: Bio-Based Products Business
Bio-Based Products Business EBITDA (MB) Avg. Market Price (Baht/Liter) Source: EPPO B100 Ethanol 4Q25 VS 3Q25 EBITDA 235 MB (-18% QoQ) 43.3 • Impacted by heightened competitive pressures within the biodiesel market 35.8 36.7 37.1 972 902 Biodiesel Business 31.2 318 • Sales volume increased 5% QoQ on
Slide 25: Marketing Business
Marketing Business 4Q25 VS 3Q25 EBITDA (MB) Sales Volume by Market (ML) EBITDA Retail Industrial 1,311 MB (-20% QoQ) 13,814 13,899 • Affected by the weakening marketing margin, mainly attributable to higher inventory loss recognition 3,567 3,615 8,363 8,334 3,393 Sales Volume (ML) 5,577 5,962 2,094
Slide 26: Elevating Market Share Across All Segments
Elevating Market Share Across All Segments Driving Growth through Innovation and Customer-Centric Strategies Retail Market Industrial Market Sustained a Strong Market Share amid Soften Market Conditions Boosted Sales through an Expanded Customer Base Retail Industrial Sales Volume (ML/MO) Market Sha
Slide 27: Expanding Beyond Fuel for Sustainable Growth
Expanding Beyond Fuel for Sustainable Growth Unlock New Revenue Streams and Enhance Customer Value Expansion Target: Revolutionizing Lubricant Sales +200 sites 1,3xx Positioned for Profitable Growth in the Lubricant Market EV Pavilion 22 Stations 2026E 1,183 2025 Lubricant Market Share (%) 12.1% 12.
Slide 28: Clean Power Business
Clean Power Business EBITDA (MB) Sellable Output Breakdown by Power Types 4Q25 VS 3Q25 EBITDA Solar - TH (80.6 GWh) 1,589 MB (-2% QoQ) 4% Wind – TH (3.1 GWh) EBITDA declined, primarily reflecting seasonal factors impacting hydro power 69% 1,999.0 Wind – LA (356.3 GWh) plants and wind power plants re
Slide 29: Clean Power Business Footprints in Countries Globally
Clean Power Business Footprints in 5 Countries Globally Oo bangchak Gores ation) by Tecinatogies Production Capacity Total Mew Capacities Adding (mw) Deon 35% 15% Wind a —__ 8% meester 673.4 MW... Teal \ 298.5 MWoo3 Operating \ ae AWind Laos e 1,457.5 Solar Thailand Cg Hydro aig ry MWopa Wie a . a D
Slide 30: Strengthen Core Portfolio
Strengthen Core Portfolio Power Business U.S. Monsoon CCGT Power (857 MW) Wind Power (600 MW) U.S. growth driven by data center demand, Wind power projects in Laos achieved full raising capacity revenue to $333/MW-day COD in August 2025, totaling 289.5 MW on Consistent Upside in Capacity Revenue a B
Slide 31: Natural Resources Business
Natural Resources Business EBITDA (MB) Revenues from Crude Oil & Gas Sales (MB) NBP Gas and Brent Price (USD/BOE) Brent 100 NBP Gas 80 60 24,816 36,229 40 25,902 2024 2025 Jan 26 15,966 5,007 4,039 1,800 6,728 7,056 3,307 4Q25 VS 3Q25 Q4/24 Q3/25 Q4/25 2024 2025 Q4/24 Q3/25 Q4/25 2024 2025 EBITDA 1,
Slide 32: Unlocking Value through A Disciplined Opportunity-Led Field Strategy
Unlocking Value through A Disciplined Opportunity-Led Field Strategy Extending Field Life through Drilling Disciplined well planning and rapid execution supporting production growth SE Asia Growth-focused, looking to establish Projects in production at OKEA-operated fields a position as a leading mi
Slide 33: Resilience Financial Stability and Confirmed Credit Rating
Confirmed Credit Rating Resilience Data as of 31 Dec 2025 A + Bangchak Group’s Financial Stability strengthened Confirmed credit ratings by with “Stable” outlook Cash(1) Asset Debt(2) EBITDA LTM(3) 30,369 MB 298,805 MB 122,818 MB 35,753 MB (3)Last 12 Months Remark: (1)Including short-term investment
Slide 34: Strategic Pivot: Expand into Hydrocarbon and Critical Infrastructure
Strategic Pivot: Expand into Hydrocarbon and Critical Infrastructure Note: CAPEX includes only maintenance, growth, and projects in the pipeline, and excludes all M&A investments 34
Slide 35: Crafting a Sustainable World with Evolving Greenovation
Crafting a Sustainable World with Evolving Greenovation http://www.bangchak.co.th Bangchak @Bangchak.WOW
Slide 36: 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 37: EBITDA Structure (Consolidated)
EBITDA Structure (Consolidated) Unit: THB Million Q4/2024 Q3/2025 Q4/2025 QoQ YoY 2024 2025 YoY Total Revenue 142,246 123,305 123,790 0.4% -13% 589,877 507,570 -14% Refinery and Trading Business 1/ 119,277 99,851 104,121 4% -13% 492,993 416,913 -15% Marketing Business 2/ 98,078 88,200 90,892 3% -7%
Slide 38: Profit and Loss (Consolidated)
Profit and Loss (Consolidated) Consolidated Statement of Income (THB Million) Q4/2024 Q3/2025 Q4/2025 QoQ YoY 2024 2025 YoY Revenue from sale of goods and rendering of services 142,246 123,305 123,790 0.4% -13% 589,877 507,570 -14% Cost of sale of goods and rendering of services (136,002) (115,131)
Slide 39: Financial Ratio (Consolidated)
Financial Ratio (Consolidated) Q4/2024 Q3/2025 Q4/2025 2024 2025 Profitability Ratios (%) Gross Profit Margin 4.40% 6.63% 6.52% 5.18% 5.57% EBITDA Margin 4.87% 8.33% 7.43% 7.02% 7.06% Net Profit Margin 0.10% 0.65% 1.94% 0.70% 0.48% Return of Equity (ROE) 3.31% 1.17% 4.55% 3.31% 4.55% Efficiency Rati
Slide 40: Q4/2025 Performance Snapshot comparing to Q3/2025
Q4/2025 Performance Snapshot comparing to Q3/2025 Accounting EBITDA (Unit : Million Baht) Refinery and Oil Marketing Clean Power Bio-Based Natural Resources Trading Business Business Business Products Business Business 4,549 2,891 1,620 1,589 5,007 1,800 1,629 1,311 1,074 4,039 173 806 318 286 235 Q
Slide 41: Q4/2025: Core Profit to BCP (Excluding Extra Items)
Q4/2025: Core Profit to BCP (Excluding Extra Items) Extra Items = -1,839 MB (after tax net to BCP) Unit: MB (2,200) 628 4,056 47 (314) 2,217 Core PAT Inventory FX Gain Gain from One-time items PAT Q4/25 Loss & NRV FV of Derivative Q4/25 Derivatives 100% After Tax Net to BCP One-Time 100% After Tax N
Slide 42: 2025: Core Profit to BCP (Excluding Extra Items)
2025: Core Profit to BCP (Excluding Extra Items) Unit: MB Extra Items = -7,361 MB (after tax net to BCP) (6,149) 10,240 406 (508) (1,110) 2,880 Core PAT Inventory FX Gain Loss from One-time items PAT 2025 Loss & NRV FV of Derivative 2025 Derivatives 100% After Tax Net to BCP One-Time 100% After Tax
Slide 43: Complementary Refinery Portfolio
Complementary Refinery Portfolio FY2025 FY2025 FY2025 Phra Khanong Refinery Sriracha Refinery Bangchak Group Crude Run (Utilization Rate) 122 KBD (102%) 142 KBD (81%) 264 KBD (90%) 28-Day Planned Slowdown in May 3% 6% 5% 23% 28% 31% 12% 9% 7% Product Yield 49% 40% 44% 6% 9% 3% 8% 9% 3% 1% 2025 2025
Slide 44: Crude Oil Price Outlook
Crude price move around 60-70 $/BBL in Q2’26 and 60-65 in 2026. Near-term risks point to high prices as tension between U.S. Crude Oil Price Outlook : and Iran uncertainty amid concern over supply disruptions. However, fundamentals still point to a crude oil surplus for the rest of this year as high
Slide 45: Oil Outlook
Oil Outlook Gasoline crack likely to stay healthy due to gasoline demand continues to be relatively robust ahead of summer season Gasoil crack likely to softer due to winter demand fades but stay healthy amid geopolitical uncertainty. While stock still at low level Low Sulfur Fuel Oil crack could re
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