Management's Discussion and Analysis of Financial Condition and Results of Operations For Quarter 4/2025 and FY2025
Star Petroleum Refining Public Company Limited
Management's Discussion and Analysis of Financial Condition and Result of Operations 1
Star Petroleum Refining Public Company Limited
Table of ContentsExecutive Summary 3
Key Significant Events in FY2025 and Subsequent Events 5
Market Condition 6
Performance Analysis by Business 9
Consolidated Financial Performance 11
Financial Results for Q4/25 and FY2025 11
Analysis of Financial Position 15
Financial Ratios 17
Market Outlook 18
Appendix 20
Management's Discussion and Analysis of Financial Condition and Result of Operations 2
Star Petroleum Refining Public Company Limited
-
Executive Summary
Summary of Consolidated Financial Statements
Unit: US$ million
4Q25
3Q25
QoQ
4Q24
YoY
2025
2024
YoY
Total Revenue
1,778.5
1,896.9
-6.2%
1,873.2
-5.1%
7,317.8
7,626.1
-4.0%
EBITDA
69.7
87.7
-20.5%
35.9
+94.3%
207.5
188.7
+9.9%
Gain on exchange rate
3.4
2.4
+38.0%
6.4
-47.7%
18.3
19.9
-8.0%
Net income (loss)
33.5
48.6
-31.2%
4.6
+620.6%
78.8
59.9
+31.6%
Adjusted net income*
78.1
36.9
+111.3%
11.4
+582.9%
145.3
87.2
+66.7%
Basic EPS (US$/share)
0.01
0.01
-14.9%
0.00
+791.5%
0.02
0.01
+44.8%
Unit: THB million
4Q25
3Q25
QoQ
4Q24
YoY
2025
2024
YoY
Total Revenue
57,480.7
61,595.7
-6.7%
64,042.7
-10.2%
241,882.2
270,605.5
-10.6%
EBITDA
2,261.0
2,845.5
-20.5%
1,233.0
+83.4%
6,806.1
6,829.7
-0.3%
Gain on exchange rate
108.1
78.3
+38.1%
234.6
-53.9%
609.2
708.4
-14.0%
Net income (loss)
1,089.6
1,579.1
-31.0%
162.1
+572.1%
2,569.9
2,234.9
+15.0%
Adjusted net income*
2,531.0
1,199.3
+111.0%
394.0
+542.5%
4,769.8
3,203.2
+48.9%
Basic EPS (THB/share)
0.25
0.36
-31.0%
0.04
+572.1%
0.59
0.52
+15.0%
*Excluded stock gain/(loss)- net tax
Key Performances
4Q25
3Q25
%QoQ
4Q24
%YoY
2025
2024
%YoY
Enterprise EBITDA* (US$ million)
69.7
87.7
-20.5%
35.9
+94.3%
207.5
188.7
+10.0%
Refinery
62.5
67.0
-6.8%
31.3
+99.4%
168.0
170.6
-1.5%
Commercial
7.2
20.6
-65.1%
4.5
+59.1%
39.5
18.1
+118.1%
Enterprise Sale Volume* (Thousand bbl)
17,091
17,678
-3.3%
16,871
+1.3%
68,676
67,893
+1.2%
Refinery
8,861
9,474
-6.5%
8,643
+2.5%
35,222
36,759
-4.2%
Commercial
8,230
8,204
+0.3%
8,229
+0.0%
33,455
31,134
+7.5%
Enterprise Margin** (US$/bbl)
10.43
6.85
+52.2%
6.73
+55.0%
7.31
6.10
+19.8%
Refinery Margin
9.27
5.40
+71.6%
6.04
+53.5%
6.07
5.28
+15.0%
Commercial Margin
1.16
1.45
-20.0%
0.69
+68.1%
1.24
0.82
+51.2%
Net Enterprise Stock gain/ (loss) (US$/bbl)
(3.78)
0.96
-494.6%
(0.60)
-535.2%
(1.41)
(0.59)
-140.2%
Enterprise OPEX*** (US$/bbl)
3.11
2.59
+19.8%
3.89
-20.2%
2.87
3.14
-8.6%
Refinery OPEX***
2.34
1.93
+21.5%
2.62
-10.6%
2.15
2.19
-2.0%
Commercial OPEX
0.77
0.67
+15.0%
1.28
-39.9%
0.72
0.95
-24.0%
*Elimination of transactions between refinery business and commercial business
**Excluded net stock gain/(loss)
***Excludes depreciation, project OPEX and T&I project
In Q4/25, Star Petroleum Refining Public Company Limited (SPRC) reported total revenue of US$1,778.5 million (THB 57,480.7 million), EBITDA of US$69.7 million (THB 2,261.0 million), and net income of US$33.5 million (THB 1,089.6 million)Compared to Q3/25: Net income declined by 31.2% QoQ primarily due to inventory loss (net of tax) of US$44.6 million (THB 1,441.4 million) as the average Dubai crude price fell to US$63.8/bbl from US$70.1/bbl and slightly lower crude runs as regional refineries resumed operations; nevertheless, stronger refinery margins-supported by firmer middle-distillate cracks-and higher retail/aviation volumes helped cushion the impact. In addition, SPRC's initiatives to maximize domestic sales, optimize crude, freight and product mix delivered enterprise value capture of US$13.6 million (THB 439.8 million).
Management's Discussion and Analysis of Financial Condition and Result of Operations 3
Star Petroleum Refining Public Company Limited
Compared to Q4/24: Net income increased significantly YoY, driven by higher refinery margins and the benefit of a lower average Dubai crude price, which enhanced crack spreads by reducing feedstock costs. Performance was further supported by improved crude utilization and lower operating expenses across both the refinery and commercial businesses, reflecting the Company's continued focus on operational efficiency and cost discipline during the quarter. Commercial margins also strengthened from channels optimization, driven by higher sale volume in the retail and aviation channels. For 2025, SPRC reported total revenue of US$7,317.8 million (THB 241,882.2 million), EBITDA of US$207.5 million (THB 6,806.1 million), and net profit of US$78.8 million (THB 2,569.9 million).For 2025, net income totaled US$78.8 million (THB 2,569.9 million), representing a 31.6% YoY improvement. The increase was primarily driven by stronger refinery margins-despite a higher inventory loss-and improved commercial margins resulting from channel optimization across the retail, C&I, jet and bulk segments, and lower operating expenses from cost efficiency initiatives. Financial costs also declined by 35.1% following the repayment of both short-term and long-term loans from financial institutions. However, other income decreased YoY due to the absence of the US$18.8 million insurance claim recorded in Q1/24. Enterprise value capture for 2025 reached US$54.0 million (THB 1,784.5 million), reflecting SPRC's continued focus on feedstock and product optimization to maximize operational efficiency and value creation.
Management's Discussion and Analysis of Financial Condition and Result of Operations 4
Star Petroleum Refining Public Company Limited
- Key Significant Events in FY2025 and Subsequent Events
Received ESG DNA Certificate
On August 26, 2025, SPRC received the ESG DNA Certificate of Recognition from the Stock Exchange of Thailand (SET) for its successful participation in the ESG DNA Project 2024. This initiative, led by SET, aims to embed Environmental, Social, and Governance (ESG) principles into corporate culture and enhance sustainability awareness across organizations.
SPRC was among 127 companies recognized for completing the program, which included a sustainability awareness foundation course for employees. This achievement reflects SPRC's strong commitment to integrating ESG principles into its operations and creating long-term value for stakeholders while contributing responsibly to society and the environment.
Received SET ESG Rating of BBB
In January 2026, SPRC has received an SET ESG rating at "BBB", being one of 265 companies that passed the assessment out of a total of 365 participating companies. This achievement reflects SPRC's commitment to sustainable development under the Environmental, Social, and Governance (ESG) framework, which will create strategic opportunities and advantages to attract capital flows from SET ESG funds to the company in 2026.
Announced Dividend Payment from the Operating Results of FY2025
On February 12, 2026, the Board of Directors (Meeting No. 1/2026) approved the proposal of the annual dividend payment for approval at 2026 AGM. The proposed annual dividend amounts to THB 0.45 per share (equivalent to approximately THB 1,951 million or US$62 million). After deducting the interim dividend payment of THB 0.15 per share (equivalent to US$20 million), the remaining dividend to be distributed is approximately THB 1,301 million or US$42 million, representing a dividend of THB 0.30 per share.
The dividend is paid from the 2025 net profit, which is not subject to corporate income tax due to the Company's loss carried forward; therefore, shareholders are not entitled to a tax credit. The record date for determining the shareholders entitled to receive the dividend is March 6, 2026, and the dividend payment is scheduled for May 8, 2026. The entitlement to receive dividends will only be confirmed once approval is granted at the 2026 AGM.
Management's Discussion and Analysis of Financial Condition and Result of Operations 5
Management's Discussion and Analysis of Financial Condition and Result of Operations
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Star Petroleum Refining pcl published this content on February 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 13, 2026 at 02:40 UTC.
