PTT Public Company (PTT) Investor Presentation summary

Business overview and strategic positioning

• Maintains a fully integrated and diversified portfolio across oil, gas, power, petrochemicals, and non-hydrocarbon businesses, with a strong domestic and international presence.

• Holds a leading market share in refining, petrochemicals, and oil retail, with robust infrastructure including pipelines, LNG terminals, and gas separation plants.

• Recognized for strong governance, global brand reputation, and consistent inclusion in major sustainability indices.

• Majority ownership by the Ministry of Finance ensures alignment with national energy security and policy.

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

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 margin pressures; effective cost management and group synergies supported results.

• Free cash flow remained strong at 184,476 MB, with a healthy balance sheet and net debt/EBITDA at 1.65x.

• Dividend payout ratio for 2024 was 67%, with a DPS of 2.10 THB, maintaining a high-yield profile.

• Credit ratings remain at sovereign level (Baa1/BBB+/BBB+), reflecting financial resilience.

Segment highlights and key drivers

• E&P sales volume increased 6% YoY, driven by new projects and higher production in Thailand and Oman.

• Gas business faced lower EBITDA due to the Single Pool Gas Price policy, but improved NGV margins and higher sales volume in GSP and industry.

• Oil & retail saw margin recovery in 4Q24, but full-year margins were squeezed by lower diesel and gasoline spreads.

• Refining improved in 4Q24 on higher market GRM and lower stock losses, while petrochemicals remained under pressure from weak product spreads.

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