PTT Public Company (PTT) investor relations material

Strategic positioning and market environment

• Maintains a leading role in Thailand’s energy sector, with robust market share in oil, gas, and petrochemicals, and a fully integrated value chain across upstream, midstream, and downstream operations.

• Faces global energy market disruptions, including Middle East conflict, Strait of Hormuz closure, and rising energy prices, but has proactively secured alternative crude and LNG supplies to ensure national energy security.

• Diversifies crude sourcing globally and accelerates LNG portfolio expansion, targeting 10 MTPA by 2030 and 15 MTPA by 2035, with a focus on supply flexibility and resilience.

• Pursues a balanced energy transition strategy, aiming for Net Zero by 2050, integrating sustainability, competitiveness, and energy security.

• Strengthens governance, transparency, and public confidence through rigorous supply chain oversight and audit committees.

Financial performance and capital management

• Achieved consolidated 1Q2026 revenue of 718,729 MB (up 13% QoQ, 3% YoY), EBITDA of 115,879 MB (up 49% QoQ, 23% YoY), and net income of 25,738 MB (up 1% QoQ, 10% YoY), despite hedging losses and market volatility.

• Maintains a healthy financial position with net debt/EBITDA at 1.34x and strong investment-grade credit ratings from Moody’s, S&P, and Fitch.

• Committed CAPEX of ~Bt 1,015 bn (USD 31 bn) for 2026-2030, focusing on upstream, gas, LNG, infrastructure, and new businesses.

• Dividend payout ratio averaged 49% since IPO, with a 2025 payout of 73% (THB 2.10/share plus THB 0.20 special dividend); targets >57% shareholder distribution ratio for 2026-2028 via dividends and buybacks.

Operational highlights and business segment performance

• Oil and gas supply chains remained uninterrupted during the Middle East crisis, with 100%+ refinery utilization and maximized diesel output to meet domestic demand.

• Gas business delivered stable returns, benefiting from new gas pricing structure, lower feed costs, and higher sales volumes, especially to power sector customers.

• E&P segment saw higher sales volumes and average selling prices, but net income was impacted by oil price hedging losses.

• Trading business faced lower EBITDA due to unrealized losses from price risk management, despite higher product spreads.

• Non-oil retail and power segments improved, with strong performance in F&B and retail, and power margins supported by lower costs and improved share of profit.