PTT Public Company (PTT) investor relations material

Executive summary

• First half 2026 net income reached THB 78.26 billion, up 75% year-over-year, driven by strong spreads in petchem and oil products, balanced segment contributions, and robust trading recovery.

• Navigated significant global energy market disruptions, including Middle East conflicts and volatile oil and gas prices, while ensuring national energy security and supply continuity.

• Maintained investment grade credit ratings and robust liquidity, supported by profit enhancement initiatives and prudent capital management.

• Sales revenue in 2Q2026 rose 22.7% YoY and 15.5% QoQ to Baht 830,389 million, driven by higher oil prices and increased trading, refining, and exploration revenues.

• EBITDA adjusted for hedging in 2Q2026 was Baht 156,302 million, up 94.1% YoY and 34.9% QoQ, mainly from refining and petrochemical segments.

Financial highlights

• Consolidated revenue for H1 2026 reached THB 1.55 trillion, up 12.5% YoY; EBITDA at over THB 200 billion, up 55% HoH; net income was THB 78.26 billion, up 75% YoY.

• Gross profit margin improved to 19.71% in 1H2026 from 9.99% in 1H2025; net profit margin rose to 7.72% from 4.43%.

• Profit enhancement initiatives contributed ~8,700 MB in 1H2026.

• Operating cash flow was strong at THB 100 billion, with THB 35 billion paid in taxes and THB 50 billion in dividends.

• Earnings per share in 2Q2026 was Baht 1.85, more than double YoY and QoQ.

Outlook and guidance

• Strong spreads are expected to continue into the second half, offsetting potential stock losses; global economic growth is expected to continue, but energy markets remain volatile due to Middle East tensions.

• Dubai crude oil price for 2026 is projected at US$78–88/bbl; Singapore GRM at US$16.7–17.7/bbl.

• LNG and gas prices to stay elevated due to ongoing supply risks; petrochemical prices supported by feedstock shortages, though olefins and aromatics prices may soften in 3Q2026.

• Focus remains on energy security, supply diversification, and strategic investments in LNG, CCS, and hydrogen.

• LNG growth target for the year is 10-15 million tons per annum, with accelerated efforts in LNG sourcing and partnerships.