PTT Exploration and Production Public Company (PTTEP) Non-Deal Roadshow by Daiwa Capital Markets Presentation summary

Company overview and strategic direction

• Ranked among the top 10 publicly listed companies on the SET, with a $12 billion market cap and 8% FY2024 dividend yield.

• Holds 82% market share in Thailand, focusing on energy security and international growth in Southeast Asia, Middle East, and Africa.

• Strategic pillars: drive value (energy security, international growth), decarbonize (net zero by 2050), and diversify (energy transition investments).

• Five-year investment budget totals $33.6 billion, with $21.3 billion CAPEX and $12.3 billion OPEX.

• Committed to sustainable development, with high ESG ratings and inclusion in DJSI and FTSE4Good indices.

Operational performance and project updates

• Q1 2025 sales volume at 484,218 BOED, with 73% from Thailand and 27% from other SEA regions.

• Major projects include increased stake in Sinphuhorm, Arthit CCS pilot, and new gas and oil discoveries in Malaysia.

• Ghasha Concession (UAE) targets first production in 2H2025; Abu Dhabi Offshore 2 expects FID in 2025 and production in 2027.

• Algeria Touat Project acquisition to add 85 MMBOE in 2P reserves; Mozambique LNG project remains under force majeure.

• Production growth driven by maximizing gas from three corridors and international expansion, targeting 2-3% CAGR.

Financial performance and outlook

• Q1 2025 net profit was $488 million, with a 72% EBITDA margin and 24% net profit margin.

• Unit cost in Q1 2025 was $29.32/BOE, with a competitive cash cost of ~$15/BOE.

• Sales price averaged $45.74/BOE in Q1 2025; gas price was $5.95/MMBTU and liquid price $73.37/BBL.

• Interest-bearing debt to equity at 0.25, with average cost of debt at 3.94% and average maturity of 12.3 years.

• FY2025 sales volume guidance is 505-510 KBOED, with unit cost around $30/BOE and EBITDA margin of 70-75%.