Thai Oil (TOP) Investor presentation summary

Business overview and strategic partnerships

• Operates as a leading integrated refinery and petrochemical group with a 22% share of Thailand's refining capacity and a Nelson Complexity Index of 9.8, indicating advanced upgrading capabilities.

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

• Business structure includes oil refining, petrochemicals, lube base, power generation, and other value-added services, with diversified subsidiaries and regional investments.

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

• Focuses on operational flexibility, allowing optimization of crude intake and product output to maximize margins and meet domestic demand.

Financial highlights and asset monetization

• Completed a major asset monetization via lease and leaseback of infrastructure assets, raising ~18,230 MB in cash, improving net-debt-to-EBITDA from 5.8x to 4.8x.

• Maintained investment grade credit ratings (Moody's Baa3, S&P BBB-, Fitch A+ (Tha)), supported by deleveraging actions and strong parental support from PTT.

• Q3/25 net profit was 2,147 MB, down from 6,476 MB in Q2/25, mainly due to planned major turnaround and lower refinery utilization.

• 9M/25 sales revenue reached 285,405 MB, with EBITDA at 8,165 MB and free cash flow at 13,990 MB.

• Ongoing deleveraging includes bond buybacks and long-term loan prepayments, with a commitment to complete the Clean Fuel Project (CFP) within a $7.151 billion budget by Q3/28.

Operational performance and market environment

• Q3/25 saw refinery utilization drop to 82% due to planned maintenance, impacting gross refining margins and product output.

• Aromatics and LAB contributions softened due to lower spreads and utilization, while base oil margins improved amid tight supply.

• Power and ethanol segments experienced lower contributions from reduced sales volumes, while solvent business improved through effective cost management.

• Global oil supply growth is expected to outpace demand through 2026, keeping oil prices under pressure but with high volatility due to geopolitical risks.

• Refining margins remain firm due to continued refinery closures in the US/EU and tight distillate markets, but petrochemical markets face challenges from new capacity additions outpacing demand.