PTT Public Company (PTT) Investor Presentation summary

Business overview and strategic positioning

• Maintains a leading role in Thailand's energy sector with integrated operations across oil, gas, power, and non-hydrocarbon businesses, supported by robust financials and sovereign-level credit ratings.

• Holds majority market share in refining, petrochemicals, and oil retail, with significant international trading and power generation capacity.

• Recognized for sustainability, innovation, and corporate governance, with consistent inclusion in global indices and awards.

• Ministry of Finance retains a controlling stake, ensuring alignment with national energy security and policy.

• Committed to Net Zero by 2050, integrating ESG into business strategy and portfolio planning.

2024 financial and operational performance

• 2024 revenue reached 3,090,453 MB, up 2% YoY, with net income at 90,072 MB, down 20% YoY due to lower petrochemical spreads and energy policy impacts.

• Upstream (E&P) performance improved, offsetting downstream and petrochemical margin pressures.

• Effective cost management, group synergies, and financial strategies, including bond buybacks, helped mitigate external volatility.

• Free cash flow remained strong at 184,476 MB, supporting healthy liquidity and a net debt/EBITDA ratio of 1.65.

• Dividend payout for 2024 set at 2.10 THB/share, with a 67% payout ratio.

Segment highlights and key drivers

• E&P sales volume increased 6% YoY, driven by higher production from key assets in Thailand, Oman, and Algeria.

• Gas business faced lower sales volume and prices due to seasonal demand and policy changes, but benefited from lower feed costs.

• Oil & retail saw improved margins in Q4, but full-year performance was impacted by squeezed oil margins.

• Petrochemical and refining segments experienced margin compression, though some improvement in Q4 from higher spreads and lower stock losses.

• Power segment (GPSC) delivered higher net income YoY, supported by increased SPP margins and renewable energy contributions.