PTT Public Company (PTT) investor relations material

Executive summary

• Net income for FY2025 reached THB 90,166 million, up over 100% year-over-year, with 4Q25 net income rising 29% quarter-over-quarter to 25,534 million, despite challenging external factors such as geopolitical tensions, U.S. tariffs, and Thai baht depreciation.

• EBITDA for 2025 was THB 332,849 million, a 14% increase year-to-date, and revenue was THB 2,662,145 million, up 16% year-to-date.

• Maintained credit ratings, consistent dividend policy, and executed share buybacks and special dividends to enhance shareholder value.

• Focused on operational efficiency, profit enhancement, and portfolio optimization, resulting in THB 38 billion in cost savings and THB 26 billion in FX gains.

• Comprehensive financial statements prepared under Thai Financial Reporting Standards, reflecting a diversified business in upstream, downstream, new business, and sustainability sectors.

Financial highlights

• Free cash flow for 2025 was THB 135,210 million, with operational cash flow at THB 299,366 million.

• Debt reduced from THB 1.1 trillion to THB 985 billion, with net debt/EBITDA improving to 1.65x and net debt/equity to 0.35x.

• Cash and cash equivalents at year-end 2025 were THB 346,817 million, with short-term investments at THB 56,000 million.

• Dividend payments in 2025 totaled THB 62,623 million.

• Total sales and service income for 2025 was THB 2,662,145 million.

Outlook and guidance

• Positive outlook for 2026 with targets for further cost savings, EBITDA uplift, and asset monetization, aiming for THB 100 billion over three years.

• Continued focus on LNG value chain expansion, decarbonization, and strategic partnerships for growth, with Clean Fuel Project investment increased to THB 241,472 million and completion targeted for Q3 2028.

• Average Dubai crude price expected to decrease from $79.6/bbl in 2024 to $69.4/bbl in 2025, with pool gas and HDPE prices also projected to decline.