Thai Oil (TOP) Investor presentation summary

Business position and operations

• Refining capacity 275 kbd, ~22% of Thailand’s total; 31% domestic refined-product market share in 6M’26 and Nelson complexity index 9.8.

• PTT holds 48% directly and indirectly; strategic ties include crude procurement, product offtake, shared services and operating synergies.

• Integrated refinery, aromatics, lube base, solvents and power operations; strategy includes expanding higher-margin downstream products and reducing earnings volatility.

• Crude and product flexibility supports sourcing lower-cost crude, maximizing jet and diesel output, increasing platformate and limiting lower-margin fuel oil.

• Refinery utilization was 107% in Q2’26 and 113% in 1H’26; the Q2 rate reflected planned CDU-1 maintenance in June.

Q2 and 1H’26 performance

• Net profit was THB 8,284M in Q2’26 versus THB 19,481M in Q1’26; 1H’26 net profit was THB 27,765M versus THB 9,979M in 1H’25.

• 1H’26 sales revenue reached THB 244,518M, up THB 39,162M YoY; Q2 revenue was THB 129,709M, up THB 14,900M QoQ.

• Q2’26 refinery contribution was $21.2/bbl, up $8.5/bbl QoQ; aromatics and LAB were $0.8/bbl, while lube was $1.9/bbl.

• Q2’26 stock loss and NRV adjustment totaled THB 7,596M; 1H’26 recorded stock gain of THB 9,150M after NRV adjustment.

• Higher Q2’26 power contribution reflected increased TOP SPP sales volumes and selling prices; GPSC dividend income was THB 268M.

Financial position and investment

• At 30 Jun’26, long-term debt was THB 98,469M, net debt THB 50,505M and cash plus short-term investments THB 47,964M; net debt/EBITDA was 1.4x versus 3.7x at 31 Dec’25.

• Asset lease proceeds of ~THB 18,230M were received in Dec’25 and used for deleveraging; the transaction reduced FY’25 net debt/EBITDA from 4.7x to 3.7x.

• CFP actual EPCM progress reached 30.63% in Jun’26, ahead of target; CDU-4 RFSU is targeted for Q2’27 and full COD for Q3’28.

• CFP estimated investment cost is $7,151M, potentially reduced to ~$6,394M with the ERU carve-out; construction manpower exceeded 20,000 in Q2’26.

• 2H’26–2029 planned total CAPEX is $1,574M; priorities include CFP, ongoing CAPEX, reliability, efficiency and flexibility improvements.