Thai Oil (TOP) Investor presentation summary

Business overview and strategic positioning

• Integrated operations across refining, petrochemicals, lube base, power, and specialty chemicals, with a 275 kbd refinery representing 22% of Thailand’s capacity and a Nelson Complexity Index of 9.8.

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

• Diversified business structure with 16 subsidiaries, including major investments in Indonesia’s largest integrated petrochemical complex and regional power generation.

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

• Member of Dow Jones Sustainability Indices for 12 consecutive years, with top ESG ratings and multiple sustainability 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.

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

• EBITDA for 2025 was 17,619 MB, with free cash flow turning positive at 3,885 MB after significant deleveraging and asset monetization.

• Net debt/EBITDA improved to 3.7x after asset monetization and bond buybacks, with investment grade ratings maintained.

• Dividend payout ratio for 2025 (excluding special gain) was 56%, with a DPS of 6.53 THB.

Strategic investment and capital management

• Clean Fuel Project (CFP) investment increased to $7.15bn, with additional costs approved and funding secured through a mix of operations, debt, and perpetual bonds.

• Asset monetization included a lease & leaseback transaction, generating 18,230 MB in proceeds used for deleveraging and improving leverage ratios.

• Ongoing CAPEX focuses on reliability, efficiency, and flexibility improvements, with a strategic shift toward high-margin, low-carbon businesses.

• Strong parental support from PTT, including increased trade credit limits and alignment with group asset optimization.