Bangchak Reports Q2 2026 Performance SAF Makes Its First Contribution, Reinforcing Core Business Performance

Bangchak Group reported its performance for the second quarter of 2026, demonstrating the strength of all business groups, including Biofuels, Power and Infrastructure, and Upstream Business Groups despite volatility in global energy markets. Revenue from sales and services totaled THB 183.553 billion, up 29% from the previous quarter. EBITDA reached THB 25.968 billion, increasing 46% quarter on quarter, while profit attributable to owners of the parent rose 99% to THB 12.239 billion, equivalent to earnings per share of THB 8.34. The quarter also marked a new chapter for the Group’s future energy business with the commencement of sustainable aviation fuel (SAF) production and sales, while the global energy market outlook for the remainder of the year remains uncertain.

Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, said that performance improved significantly in the second quarter of 2026. A key factor was the reversal of unrealized mark-to-market losses recorded in the previous quarter, which reduced losses from crude oil and petroleum products hedging to THB 879 million and resulted in an unrealized gain of THB 4.415 billion. At the same time, commercial SAF production and sales commenced, with average production of 6.8 KBD and sales volume of 39 million liters. Together with the strong SAF-UCO spread, this enabled SAF to begin generating EBITDA and become a driver of the Group’s performance in the quarter and over the long term. Nevertheless, energy price volatility, product spreads and geopolitical developments may continue to affect earnings during the remainder of the year.

The Refinery, Marketing and Biofuels Business Group recorded higher EBITDA. Refinery performance was supported by stronger petroleum product cracks, despite a slight decline in base gross refining margin and average throughput. The Marketing Business posted a higher net marketing margin, offsetting lower sales volume, while the Biofuels Business benefited from increased biodiesel sales and the commencement of SAF production and sales. The power and infrastructure business was affected by seasonally, lower electricity sales volume and the expansion of data centers in the United States, allowing the Group’s U.S. power plants to capture the related benefits. The Upstream Business benefited from higher natural gas prices.

Although global energy markets remain uncertain, the Company continues to manage risks while building growth in future energy businesses. The sustainable aviation fuel (SAF) production unit commenced commercial operations and made its first product delivery in May 2026. It operated at an average rate of 6.8 KBD and recorded total SAF sales of 39 million liters. The unit also benefited from a strong spread between SAF and used cooking oil (SAF-UCO Spread), enabling the Company to recognize EBITDA from the SAF business for the first time.

Throughout the global energy crisis that began in March 2026, Bangchak Group continued to support Thailand’s energy security through core businesses working seamlessly across the value chain, while improving operational efficiency by integrating the capabilities of its two refineries. In the first half of 2026, the Group realized approximately THB 5.6 billion from recurring synergies and business improvement, up from THB 3.0 billion in the same period last year.

In addition, the Company, through its subsidiary Bangchak Hong Kong Holding Limited, completed the acquisition of all shares in Chevron Hong Kong Limited on June 30, 2026, and renamed the company Bangchak Hong Kong Limited (BHK). Its performance will be consolidated from the second half of 2026. The transaction covers 31 service stations, as well as an oil terminal and jetty in Hong Kong, representing another important step in expanding the Group’s fuel retail business and international presence.

Ms. Phatpuree Chinkulkitnivat, Chief Financial Officer and Senior Executive Vice President, Accounting and Finance, reported the performance of each business group for the second quarter of 2026 as follows:

Refinery, Marketing and Biofuels Business Group

In the second quarter of 2026, the business group recorded revenue of THB 144.177 billion, up 17% from the previous quarter and 45% year on year, with EBITDA of THB 17.186 billion. Key developments in each business were as follows:

Refinery Business

In the second quarter, the Refinery Business recorded revenue of THB 152.272 billion and EBITDA of THB 14.029 billion. Losses from crude oil and petroleum product hedging, including fair-value measurement under accounting standards, amounted to US$1.09 per barrel, equivalent to THB 879 million—a significant reduction from the previous quarter due to the reversal of unrealized mark-to-market losses. The business also began recognizing THB 1.0 billion in EBITDA from commercial operations of the sustainable aviation fuel (SAF) production unit.

Marketing Business

In the second quarter, the Marketing Business recorded revenue of THB 123.847 billion and EBITDA of THB 2.831 billion. Net marketing margin recovered to THB 1.26 per liter following the end of fuel price controls and gradual retail price adjustments in line with global market conditions, although support from inventory gains declined from the previous quarter. At quarter-end, Bangchak Group operated 2,191 service stations and more than 617 EV charging stations, with a 27.9% market share through its service-station network. The Group continued to expand sales of premium products and B20 diesel, as well as its Retail Experience business.

Biofuels Business

The Biofuels Business recorded revenue of THB 6.388 billion and EBITDA of THB 794 million. Its B100 biodiesel production and distribution operations benefited from higher sales volume and average selling prices, supported by the B7 base-diesel blending requirement remaining in effect throughout the quarter. The business also began recognizing its share of profit from its investment in BSGF Company Limited in May 2026, following the commencement of SAF production and sales.

Trading Business Group

The Energy Trading Business Group recorded revenue of THB 129.205 billion and EBITDA of THB 784 million, as crude oil and petroleum product trading volume increased 20%. Performance was supported by the recovery of transactions outside Bangchak Group (Out-Out) improving margins and increasing the proportion of higher-return transactions. Shipping performance also improved through growth in time-charter transactions, opportunities in the spot-charter market and high freight rates, together with higher gains from crude oil and petroleum product hedging compared with the previous quarter.

Upstream Business Group

The Upstream Business Group recorded revenue of THB 10.172 billion and EBITDA of THB 7.062 billion. Performance was supported by a 40% increase in average realized liquids prices, in line with global oil prices following the conflict in the Middle East, and a 15% increase in natural gas prices as European gas inventories remained below their five-year average. The business also recognized gains of THB 432 million from oil and natural gas hedging, equivalent to THB 154 million after tax based on the Company’s ownership interest. These were primarily unrealized hedging gains resulting from lower forward oil prices at the end of the quarter.

OKEA recorded impairment losses on assets in the Statfjord field and goodwill impairment in the Draugen field totaling THB 550 million, after tax based on the Company’s ownership interest, following a reduction in forward oil price assumptions at quarter-end. OKEA also revised its 2026 production guidance to 29-32 kboepd following the postponement of commercial production from the Garn West South well in the Draugen field to the third quarter of 2026. Its 2027 production guidance was raised to 39–43 kboepd after increasing the production estimate for the Talisker West well in the Brage field, which is expected to commence commercial production in the second half of 2027.

Power and Infrastructure Business Group

The Power and Infrastructure Business Group recorded revenue of THB 807 million and EBITDA of THB 1.065 billion. Performance was supported by the natural gas-fired power business in the United States, which recognized THB 653 million in share of profit from associates. Higher sales volumes at the SFE and CCE power plants offset the impact of planned maintenance at the Hamilton power plants. Hydropower projects in Lao PDR recorded a 45% increase in electricity sales volume as the rainy season began in May and water levels increased.

For the first half of 2026, Bangchak Group recorded revenue from sales and services of THB 326.080 billion, up 25% from the same period last year, EBITDA of THB 43.763 billion, and net profit from normal operations, excluding extraordinary items, of THB 13.155 billion, more than double the previous year’s level. Including inventory gains, net realizable value adjustments and other extraordinary items, profit attributable to owners of the parent totaled THB 18.383 billion, equivalent to earnings per share of THB 12.51.

Reflecting its strong and outstanding business performance, the Company ranked 21st among the 500 leading companies in Southeast Asia in the 2026 Fortune Southeast Asia 500. BCP shares were also selected for inclusion in the SET50 Index for the 1 July – 31 December 2026 review period, reinforcing investor confidence in Bangchak Group’s long-term growth and value-creation potential.

As of 30 June 2026, Bangchak Group had cash and cash equivalents of THB 27.611 billion and total assets of THB 374.755 billion, an increase of THB 75.950 billion from December 31, 2025. Total liabilities rose by THB 57.485 billion to THB 272.149 billion, while total equity increased by THB 18.465 billion to THB 102.606 billion, of which THB 83.353 billion was attributable to owners of the parent. The net interest-bearing debt-to-equity ratio stood at 1.05 times.