Bangchak Reports Record Growth in First Nine Months of 2026 Contributions from SAF, Bangchak Hong Kong and Synergy Total Approximately THB 9 Billion

Bangchak Group reported revenue from sales and services of THB 508,377 million for the first nine months of 2026, up 32% year over year, with EBITDA of THB 66,683 million and profit attributable to owners of the parent of THB 28,232 million, equivalent to earnings per share of THB 19.24. Contributions from SAF, Bangchak Hong Kong and operational efficiency improvements totaled approximately THB 9,000 million, reflecting the results of business integration across the value chain.

Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, said that throughout the first nine months of 2026, Bangchak Group continued to advance integration across its core businesses and throughout the value chain to improve operational efficiency and strengthen its regional competitiveness. The Refinery, Marketing and Biofuels Business Group benefited from higher average throughput following an increase in refining capacity at the Bangchak Sriracha Refinery to meet fuel demand and support national energy security, as well as significantly higher petroleum product crack spreads. Domestic marketing operations also delivered improved results, supported by higher net marketing margins. In addition, the Group recognized EBITDA of THB 1,957 million from its sustainable aviation fuel (SAF) production unit, which commenced operations in May 2026, and EBITDA of THB 656 million from Bangchak Hong Kong Limited (BHK) from July 1, 2026. Together with synergy, these contributions totaled approximately THB 9,000 million. Meanwhile, the Natural Resources Business Group benefited from higher average selling prices for oil and natural gas liquids, together with higher natural gas selling prices, in line with global energy market conditions.

For the third quarter of 2026, Bangchak Group reported revenue from sales and services of THB 182,296 million, EBITDA of THB 22,920 million and profit attributable to owners of the parent totaling THB 9,849 million, equivalent to earnings per share of THB 6.73. EBITDA declined 12% quarter over quarter but increased by more than 100% year over year. The quarter-over-quarter decline was mainly attributable to a planned 28-day slowdown at the Bangchak Sriracha Refinery to upgrade its refining units and improve their efficiency, as well as losses on crude oil and petroleum product hedging contracts.

Ms. Phatpuree Chinkulkitnivat, Chief Financial Officer and Senior Executive Vice President, Accounting and Finance, outlined the performance of each business group for the first nine months of 2026 compared with the same period last year, as follows:

Refinery, Marketing and Biofuels Business Group

Revenue totaled THB 415,376 million, up 33%, while EBITDA increased by more than 100% to THB 43,741 million. Key operating results were as follows:

Refinery Business: Revenue totaled THB 444,794 million, with EBITDA increasing by more than 100% to THB 35,946 million, driven by higher petroleum product crack spreads. The operating gross refining margin, adjusted for the impact of measures to reduce ex-refinery diesel prices, stood at USD 18.10 per barrel. Combined average throughput at the two refineries increased to 271,600 barrels per day. The business recognized inventory gains, including inventory valuation adjustments, of THB 7,776 million, despite oil hedging losses of THB 15,242 million. In addition, the SAF production unit generated EBITDA of THB 1,957 million, with average throughput of 6,700 barrels per day and sales volume of 92.8 million liters since commencing commercial operations in May 2026.

Marketing Business: Revenue totaled THB 354,652 million, with EBITDA increasing 48% to THB 6,534 million. The net marketing margin rose to THB 0.92 per liter, mainly due to inventory gains. Excluding these gains, the overall marketing margin remained stable. The business also recognized its first EBITDA contribution from BHK of THB 656 million in the third quarter. At the end of the quarter, the domestic service station network comprised 2,194 stations, with a 28.6% share of the service station market. The business continued to expand its premium fuel offerings, B20 diesel and Retail Experience business.

Biofuels Business: Revenue totaled THB 18,560 million, with EBITDA increasing by more than 100% to THB 2,193 million. Growth was driven by higher biodiesel sales volumes following B7 blending requirements and measures to promote B20 use, together with higher ethanol sales volumes and selling prices. Improvements in production efficiency and feedstock cost management also supported performance.

Trading Business Group

Revenue totaled THB 313,761 million, with EBITDA increasing by more than 100% to THB 1,644 million. Performance was supported by higher intra-group trading volumes to accommodate increased refinery throughput and SAF sales. The shipping business benefited from strong vessel demand and high freight rates, while gains on crude oil and petroleum product hedging contracts also increased.

Natural Resources Business Group

Revenue totaled THB 29,009 million, with EBITDA increasing 21% to THB 17,199 million. Average selling prices for oil and natural gas liquids rose 35%, while natural gas selling prices increased 29%, reflecting tight global supply conditions. OKEA raised its 2026 production guidance to 31,000–32,000 barrels of oil equivalent per day, with the Bestla field expected to commence commercial production in the fourth quarter, ahead of the original schedule.

Power and Infrastructure Business Group

Revenue totaled THB 3,022 million, with EBITDA increasing 34% to THB 4,696 million. The business recognized a share of profit of THB 2,502 million from natural gas power plants in the United States, supported by higher capacity payments, and THB 297 million from the Monsoon wind power project in Lao PDR, following its full commercial operation in August 2025. Revenue from the oil terminal and port business also increased, supported by contract price adjustments and services provided to the SAF production unit.

Regarding its financial position, Bangchak Group had cash and cash equivalents of THB 26,922 million and total assets of THB 376,039 million, an increase of THB 77,233 million from December 31, 2025. Total liabilities increased by THB 54,984 million to THB 269,648 million, while total equity rose by THB 22,250 million to THB 106,391 million, of which THB 86,088 million was attributable to owners of the parent. The net interest-bearing debt-to-equity ratio declined significantly to 0.91 times.