Star Petroleum Refining (SPRC) investor relations material

Executive summary

• Achieved strong profitability and operational continuity in Q2 2026, with adjusted net profit of $272.1 million, up 796.9% year-over-year, excluding a $169.6 million stock gain.

• Total revenue for Q2 2026 was $2.59 billion, a 47.4% increase year-over-year and 59.3% sequentially.

• Maintained high domestic sales (94%) and executed strategic initiatives in crude flexibility, cost discipline, and infrastructure investment.

• Robust cash flow from operations and increased total assets and equity compared to year-end 2025.

• Focused on operational resilience amid ongoing geopolitical volatility and oil market uncertainty.

Financial highlights

• Q2 2026 EBITDA reached $296 million, slightly lower than Q1 due to inventory loss, but higher year-over-year.

• Net profit for Q2 was $230 million; adjusted net profit was $221 million, both improving quarter-on-quarter and year-on-year.

• H1 2026 consolidated EBITDA totaled $608 million, with net profit at $442 million and adjusted net profit at $272 million.

• Q2 2026 consolidated revenue was $2.59 billion, up from $1.76 billion in Q2 2025.

• Interim dividend of THB 0.5/share approved, up from THB 0.25/share in H1 2024 and THB 0.15/share in H1 2025.

Outlook and guidance

• Refining margins expected to remain firm in the near term, supported by tight inventories, restrained exports, and seasonal demand.

• Plans to expand retail partnerships and double retail volume by 2030.

• CapEx guidance of ~$50 million/year through 2030, funding maintenance, margin improvement, and retail expansion.

• Continued emphasis on reliable dividends and maintaining a strong balance sheet.

• Management distributed dividends during the period, reflecting confidence in ongoing cash generation.