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 petrochemicals, supported by robust financials and sovereign-level credit ratings.

• Holds majority market share in refining, petrochemicals, and oil retail, with significant international expansion in E&P and LNG.

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

• Recognized globally for sustainability, innovation, and operational excellence, with consistent inclusion in major ESG indices.

• Strategic focus on energy transition, decarbonization, and new business growth, including EV, life sciences, and hydrogen.

2024 financial and operational performance

• 2024 net income declined 20% YoY to 90,072 MB, with revenue stable at 3,090,453 MB; upstream gains offset by weaker petrochemical spreads and energy policy impacts.

• EBITDA rose 7% YoY, driven by upstream and power segments, while trading and non-hydrocarbon businesses faced margin pressure.

• Effective cost management, asset divestments, and bond buybacks contributed to financial resilience.

• Free cash flow remained strong at 373,240 MB, supporting healthy liquidity and a net debt/EBITDA ratio of 1.65.

• Dividend payout ratio for 2024 was 67%, with a THB 2.10/share dividend scheduled for April 2025.

Segment highlights and key drivers

• Upstream: PTTEP sales volume up 6% YoY, with new production from G1/61 and international assets; net income stable despite higher costs.

• Gas: Stable supply and sales, but EBITDA pressured by higher feed costs under the Single Pool Gas Price policy.

• Trading: Lower EBITDA due to narrower product spreads, though sales volume increased with expanded Asian customer base.

• Oil & Retail: Non-oil business growth offset weaker oil margins; outlet and convenience store expansion continued.

• Power: GPSC delivered higher net income from renewables and improved SPP margins, with new offshore wind and solar projects underway.