Thai Oil (TOP) Investor presentation summary

Business overview and strategic partnerships

• Operates as a leading integrated refinery and petrochemical group with a 275 kbd refinery, representing 22% of Thailand's refining capacity and a Nelson Complexity Index of 9.8.

• Maintains a strong strategic relationship with PTT, which holds a 48% stake and acts as both major shareholder and principal business partner, enabling operational synergies and long-term stability.

• Business structure includes wholly owned subsidiaries in aromatics, lube base oil, solvents, ethanol, and power generation, with significant investments in Indonesia and regional expansion.

• Strategic location in Sriracha provides direct access to deep water ports, pipelines, and proximity to key domestic and Indochina markets.

• Recognized for sustainability, being a member of the Dow Jones Sustainability Indices and receiving multiple ESG and governance awards.

Financial highlights and performance

• FY2025 net profit rose to 14,584 MB, up 4,625 MB YoY, driven by higher refinery utilization and improved product spreads, despite lower sales revenue of 394,336 MB.

• Market gross refining margin (GRM) increased to $6.2/bbl in 2025, supported by strong middle distillate cracks and higher gasoline spreads.

• Net operating profit reached 11,470 MB, with significant deleveraging actions including bond buybacks and asset monetization, improving net debt/EBITDA from 4.7x to 3.7x.

• Maintained investment grade credit ratings (Moody's Baa3, S&P BBB-, Fitch A+ (Tha)), supported by strong parental backing and disciplined liability management.

• Dividend payout ratio for FY2025 (excluding special gain) was 56%, with a policy of not less than 25% of consolidated net profit.

Strategic investment plans and Clean Fuel Project (CFP)

• Strategic direction focuses on the "2S1P" strategy: strengthening the core, sustaining the future, and powering the platform, with emphasis on asset rationalization, decarbonization, and specialty chemicals.

• CFP project aims to enhance refinery competitiveness, increase capacity to 400 kbd, and upgrade product mix, with total investment cost of $7.15 billion.

• Asset monetization through lease and leaseback of infrastructure assets generated 18,230 MB in proceeds, used for deleveraging.

• Ongoing CAPEX for 2026-2029 includes reliability, efficiency, and infrastructure improvements, with a focus on maintaining financial discipline.