Thai Oil (TOP) Investor presentation summary

Business overview and strategic positioning

• 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 partnership with PTT, which holds a 48% stake, providing long-term business and operational synergies.

• Diversifies across refining, aromatics, lube base, power, solvents, and ethanol, with a focus on value chain integration and downstream expansion.

• Strategic location in Sriracha offers direct access to deep water ports and multi-product pipelines, facilitating efficient market access.

• Recognized for sustainability, listed in Dow Jones Sustainability Indices and other ESG benchmarks.

Operational and financial highlights (Q2 & 1H 2026)

• Achieved high refinery utilization rates (107% in Q2'26) despite planned maintenance, with strong domestic sales focus.

• Gross refining margin (GRM) rose to $21.2/bbl in Q2'26, driven by Middle East tensions and tight global supply.

• Net profit for Q2'26 was 8,284 MB, with 1H'26 net profit at 27,765 MB, mainly from refinery operations.

• Maintained investment grade credit ratings (Moody's Baa3, S&P BBB-, Fitch A+ (Tha)), supported by deleveraging and asset monetization.

• Free cash flow was negative in 1H'26 due to high capex and working capital needs, but liquidity remains robust.

Strategic investments and project updates

• Clean Fuel Project (CFP) progressing ahead of schedule, targeting refinery capacity increase to 400 kbd and Nelson Index to 12.0 by 2028.

• Asset monetization through lease & leaseback of infrastructure assets improved leverage, with net-debt-to-EBITDA ratio reduced to 3.7x.

• Strategic investment plan allocates $7.1 billion in capex through 2029, prioritizing CFP completion, reliability, and new growth platforms.

• Transitioned strategy from "3V" (Value Maximization, Enhancement, Diversification) to "2S1P" (Strengthening Core, Sustaining Future, Powering Platform) for resilience and sustainability.