Q&A
Q&A at Opportunity Day
Q&As SET Earnings Call 2Q2026
1. What were the key factors behind the decline in oil sales volume in 2Q2026, and what is the Company’s outlook for the second half of the year?
Answer:
In 2Q2026, oil sales volume was affected by several factors, particularly the slowdown in overall fuel consumption. Volatility in the energy market led to higher energy prices and cost of living, which weighed on travel and economic activities, particularly diesel consumption.
The Company views the decline as primarily driven by market conditions and external factors. For the second half of the year, the Company will continue to closely monitor economic conditions, consumer purchasing power, energy prices, and seasonal factors. Nevertheless, for the full year, the Company maintains its oil sales volume target of a decline of no more than 5% to flat YoY.
2. What is the outlook for oil sales volume in 3Q2026?
Answer:
The third quarter is typically a seasonally softer period for oil sales volume, particularly during July–August. Travel activity and consumption generally begin to recover from September and tend to improve further toward the end of the year.
The Company therefore remains cautious on the near-term outlook for oil sales volume. However, the previous supply situation has gradually eased, while the Company continues to manage both sales volume and profitability in a balanced manner.
3. What is the Company’s strategy for PunThai Coffee branch expansion following the revision of its 2026 branch target?
Answer:
The Company revised its year-end 2026 PunThai Coffee branch target to 2,751 branches to better align with the pace of branch openings and prevailing market conditions. Going forward, greater emphasis will be placed on location quality, sales per branch, and return on investment.
Nevertheless, the Company continues to see growth opportunities for PunThai Coffee and remains committed to expanding its network with a focus on quality growth. Expansion will be carried out through a combination of company-owned branches and the franchise model, balancing business growth with efficient capital deployment.
4. How does the Company plan to increase sales per branch for PunThai Coffee?
Answer:
The Company focuses on increasing sales per branch alongside network expansion through new products and menu development, targeted promotional campaigns for different customer segments, and greater utilization of its membership base to increase customer visit frequently.
In addition, the Company continues to leverage the PTG Ecosystem to create cross-business usage opportunities and broaden customer reach. These initiatives are expected to support both sales per branch and the quality of growth over the long term.
5. What criteria does PunThai Coffee use when selecting locations for new branches to manage the risk of overlapping between existing and new branches?
Answer:
The Company considers location quality as one of the key factors when evaluating new branch openings. The assessment considers the potential of each location, target customer segments, traffic, customer behavior, as well as the number and performance of existing branches in nearby areas.
Therefore, branch expansion is not driven solely by the number of new openings. The Company also considers sales per branch, return on investment, and the suitability of its network in each area, with the objective of expanding customer reach while minimizing any material impact on the performance of existing branches.
6. How does the growth of the Non-Oil business contribute to the Group’s overall performance?
Answer:
The Non-Oil business continues to play an increasingly important role in the Group’s overall performance. In 1H2026, Non-Oil gross profit reached THB 3,974 million, increasing 39.5% YoY, and accounted for 44.8% of total gross profit, up from 34.1% in the same period last year.
This growth reflects the continued expansion of the Non-Oil business, particularly PunThai Coffee, as well as improving operational efficiency across the Group’s businesses. This has helped create a more balanced contribution to the Group’s gross profit and reduce its reliance on the Oil business alone.
Q&As for Opportunity Day 1Q2026
1. Does the Company maintain its revenue target for PunThai Coffee despite ongoing global uncertainties?
Answer:
The Company maintains its previously announced revenue target for PunThai Coffee. Nevertheless, the Company continues to closely monitor ongoing developments and remains focused on efficient cost and expense management, alongside enhancing operational efficiency, in order to preserve profitability and strengthen long-term business resilience.
2. Why has PunThai Coffee’s gross profit margin (GPM) not improved significantly despite the adjustment to Red Card privileges?
Answer:
The adjustment to membership privileges was initiated during mid-4Q2025 and is still in the early stage of implementation. A portion of existing members continues to receive benefits under the previous package structure until their memberships expire, resulting in a gradual reduction in promotional expenses rather than an immediate improvement.
3. What type of restaurant business is the Company interested in investing in?
Answer:
The Company continues to explore investment opportunities in the food and beverage sector as part of strengthening the Max World Ecosystem. Potential investments will focus on businesses that can leverage the Company’s existing membership base and nationwide branch network. However, there are currently no finalized conclusions or additional details that can be disclosed at this stage. Any investment consideration will be carefully evaluated based on business synergies, profitability potential, and long-term shareholder value creation.
4. Is Subway’s performance in line with the Company’s expectations, and how are sales trending?
Answer:
Subway’s branch expansion remains in line with the Company’s plan. As of the end of April 2026, Subway operated a total of 54 branches, and the Company continues to expand the network in line with its year-end target.
In terms of sales performance, in addition to growth driven by branch expansion, the Company has also seen continued improvement in Same-Store Sales Growth (SSSG). This growth has been supported by the introduction of new menu offerings tailored to Thai consumers across main meals, snacks, and desserts categories.
5. What is the Company’s view on the AUTOBACS business in 2026 amid concerns over rising energy costs?
Answer:
The Company believes AUTOBACS continues to have long-term growth potential. Although higher energy prices may impact driving behavior to some extent, demand for vehicle maintenance and car care services remains essential, particularly among consumers seeking to extend vehicle lifespan during periods of cautious spending.
The Company also continues to expand its comprehensive automotive service offerings while preparing for the growing adoption of electric vehicles (EVs) in Thailand, which is expected to create opportunities to attract new customer segments in the future.
6. How did the oil marketing margin situation differ between March and April 2026?
Answer:
The situations during the two periods were meaningfully different. March was significantly more challenging from an operational management perspective due to heightened volatility in global oil prices driven by geopolitical factors. This led to fluctuations in domestic retail oil prices and oil marketing margins during the period.
In April, the situation began to stabilize. Volatility in global oil prices gradually eased, while the Oil Fund mechanism became more aligned with market conditions. As a result, the Company was able to manage inventory, costs, and oil marketing margins more efficiently compared to the previous period.
Q&As for Opportunity Day 4Q2025
1. What is the target number of cups per store for PunThai Coffee in 2026?
Answer:
The Company continues to target at least 200 cups per store per day.
This growth is supported by several factors, including continued store expansion, growth in the membership base, and marketing through the membership ecosystem, which helps increase customer visit frequency.
2. What is the expected Gross Profit Margin of PunThai Coffee in 2026?
Answer:
PunThai Coffee continues to maintain a strong gross profit structure, supported by efficient cost management and ongoing expansion of the store network.
Going forward, the Company will continue focusing on store expansion alongside growing its customer base through the membership ecosystem, which will support the long‑term profitability of the business.
3. Will financial costs decline in 2026?
Answer:
The direction of financial costs will depend on interest rate trends and the Company’s capital structure management.
The Company continues to closely monitor interest rate movements and manage its debt structure appropriately in order to optimize financing costs over the long term.
4. What was the net profit of PunThai Coffee in 2025?
Answer:
The financial statements of PunThai Coffee are currently in the process of being filed with the Department of Business Development (DBD).
Detailed financial figures will be disclosed through the appropriate regulatory channels once finalized.
5. What is the target contribution of Non‑Oil profit?
Answer:
Currently, Non‑Oil businesses contribute approximately 40% of the Company’s total gross profit.
In 2026, the Company aims to increase this contribution to around 40–45%, with PunThai Coffee acting as a key growth engine.
Over the longer term, the Company targets Non‑Oil gross profit contribution to reach approximately 50% by 2028.
6. How will the Company control SG&A amid store expansion?
Answer:
Operating expenses typically increase as the store network expands, including personnel costs, depreciation, and operational management expenses.
However, continued expansion also creates economies of scale in procurement, logistics, and operations, which help improve cost efficiency over time.
7. What is the oil sales volume growth target for 2026?
Answer:
The Company targets oil sales volume growth of approximately 3–5% year‑on‑year.
The PT Max Card membership base continues to play an important role in increasing customer visit frequency and supporting long‑term growth in oil sales volume.
8. What are the Company’s plans for new S‑Curve businesses?
Answer:
At this stage, the Company continues to focus on strengthening its core Non‑Oil businesses, particularly in the food and beverage segment, which still offers significant growth potential.
At the same time, the Company continues to explore new business opportunities that can be integrated with its existing ecosystem in the future.
9. Will opening PunThai Coffee stores close to each other create cannibalization?
Answer:
The Company acknowledges that some degree of cannibalization may occur in certain areas where stores are located close to each other.
However, the coffee business is largely a convenience‑driven business where accessibility plays an important role.
In the past year, the Company expanded approximately 800 PunThai Coffee stores. At the same time, the average number of cups sold per store per day increased to around 200 cups, reflecting that business growth is not merely a redistribution of existing demand.
Therefore, the Company’s strategy is to expand the store network to improve customer accessibility, which helps generate new demand within the system and supports overall business growth.
10. What are the key positive and negative factors for 2026?
Answer:
Key positive factors include the continued growth of Non‑Oil businesses, particularly PunThai Coffee, and the development of the Company’s ecosystem.
Key factors to monitor include global oil price volatility and overall macroeconomic conditions.
Q&A at Analyst Meeting
Q&As for Analyst Meeting 2Q2026 Results
1. Why did the Oil business soften during March–April?
Answer:
From March to early April, the oil market was affected by volatility in the energy environment, which impacted supply and inventory management across the industry. At the same time, some consumers accelerated fuel purchases in March, resulting in softer demand in the subsequent period.
As market supply gradually returned to normal in early April, the Company’s fuel supply situation progressively improved. However, demand took some time to recover following the earlier acceleration in fuel purchases. Combined with the overall slowdown in consumption, this weighed on oil sales volume during the early part of 2Q2026.
The Company currently views the supply situation as having significantly eased, while continuing to closely monitor external factors.
2. What is the outlook for oil sales volume in 3Q2026?
Answer:
The third quarter is typically a seasonally softer period, particularly during July–August. Travel activity and consumption generally begin to recover in September and tend to improve further toward the end of the year.
The Company therefore remains cautious on the near-term outlook for oil sales volume. Nevertheless, the impact from the previous supply situation has gradually eased. For the full year, the Company maintains its oil sales volume target of a decline of no more than 5% to flat YoY.
3. Have Selling and Administrative Expenses (SG&A) increased, and how is the Company managing costs?
Answer:
The Company continues to focus on managing SG&A, particularly employee expenses, which represent one of its key cost components. Rather than focusing solely on reducing expenses, the Company aims to keep the rate of expense growth at an appropriate level relative to business growth.
At the same time, the Company will continue to improve back-office efficiency while managing front-line staffing levels in line with branch expansion. The objective is for revenue to grow at a faster pace than expenses, thereby supporting improved operating efficiency and profitability over time.
4. What are the Company’s key investment priorities for this year?
Answer:
Under the revised 2026 CAPEX budget of approximately 3,000–4,000 MB, the Company will adopt a more selective and disciplined approach to investment, prioritizing projects that can generate appropriate returns and cash flows.
For the Oil business, the Company will focus on renovating and upgrading existing service stations and improving the efficiency of its existing assets. At the same time, the Company will leverage available space within its service station network to further develop Non-Oil businesses in locations with strong potential.
Overall, the Company’s investment approach will focus on enhancing efficiency and generating greater returns from its existing asset base, while pursuing new investments with greater discipline to optimize capital deployment and support quality growth.
5. How did Gross Profits from the Oil and Non-Oil Businesses perform?
Answer:
In 2Q2026, gross profit from the Oil business amounted to THB 2,630 million, decreasing 6.8% YoY but increasing 16.0% QoQ. The YoY decline was in line with softer oil sales volume, while the QoQ improvement was primarily driven by a recovery in average gross profit per liter.
Meanwhile, the Non-Oil business remained an important contributor to the Group’s performance. In 1H2026, Non-Oil gross profit increased 39.5% YoY to THB 3,974 million and accounted for 44.8% of total gross profit, up from 34.1% in the same period last year.
This reflects the growing contribution of the Non-Oil business to the Group’s overall performance and its increasing role in diversifying the Group’s sources of gross profit, while the Oil business continued to face pressure from softer sales volume.
Q&As for Analyst Meeting 1Q2026 Results
1. How was the oil business situation during early 2026, and has it returned to normal?
Answer :
The oil business environment during 1Q2026 remained volatile due to external factors. Toward the end of February, geopolitical tensions triggered a temporary demand spike in oil consumption, followed by prolonged volatility in global oil prices throughout March.
During the Songkran holiday period in April, consumer behavior was affected by elevated energy prices, leading to a temporary slowdown in travel activity and oil consumption. However, from late April into May, the situation gradually improved and oil consumption began to recover progressively. The Company closely monitored these developments from an early stage in order to efficiently manage inventory and costs.
2. Does the Company continue to expand PunThai Coffee, and when is GPM expected to normalize?
Answer :
The Company remains committed to the continuous expansion of PunThai Coffee. Going forward, the branch expansion strategy will focus more on creating business value rather than solely increasing visibility. The Company views PunThai Coffee as a high-traffic and high-frequency business within the Max World Ecosystem, serving as an important touchpoint that supports cross-selling opportunities across other businesses within the ecosystem.
Regarding gross profit margin (GPM), the membership privilege restructuring implemented previously is still in its early stage. Positive impacts are expected to become more visible during the second half of the year as a greater proportion of members transition to the new conditions, alongside continued improvements in operational cost management.
3. Has the situation improved in May compared to April, and how did the boycott movement affect the Company?
Answer :
Overall conditions in May improved compared to April, both in terms of oil sales volume recovery and improved stability of oil marketing margins, following the gradual decline in retail oil prices and improved alignment of the Oil Fund mechanism with market conditions.
Regarding the boycott movement, the Company views the issue as consisting mainly of two aspects: misinformation and dissatisfaction among certain customer groups during the temporary fuel shortage period. For areas within the Company’s control, such as extending Red Card membership privileges during the affected period, the Company took proactive measures to support customers to the fullest extent possible. Currently, the situation has eased significantly, while the Company continues to closely monitor developments and focus on areas that can be effectively managed and improved.
4. What does the YoY slowdown in domestic oil sales volume during April reflect?
Answer :
The slowdown in oil sales volume reflects an industry-wide trend. During March, retail oil prices increased in line with volatility in global oil prices, which led consumers to reduce fuel consumption and adjust usage behavior. This was subsequently reflected in the more noticeable slowdown in sales volume during April.
Q&As for Analyst Meeting 4Q2025 Results
1. How will the Company manage its inventory over the next 15 days amid the ongoing geopolitical tensions between the U.S., Israel, and Iran?
Answer :
At the national level, Thailand currently does not face concerns regarding energy supply. According to government data, the country maintains approximately 60 days of oil reserves within the system, which is considered sufficient to support short-term demand under the current situation.
For the Company, we maintain long-term supply agreements with refineries, enabling us to manage oil procurement and supply in alignment with market demand on a continuous basis.
Recent observations, such as queues at certain service stations, are primarily driven by consumer behavior in anticipation of potential price increases, rather than an actual shortage of supply.
At the same time, the government has mechanisms to manage retail price stability through the Oil Fuel Fund, which can help mitigate the impact of global oil price volatility.
Therefore, in the near term, The Company will continue to closely monitor the situation and manage inventory levels in line with market demand, supported by the existing supply chain structure.
2. What drives the Gross Profit Margin of PunThai Coffee, and how will the recent adjustments to PT Max Card Plus promotions impact performance this year?
Answer :
For PunThai Coffee, membership programs such as PT Max Card Plus did not negatively impact the business margin in the previous quarter. On the contrary, these mechanisms have helped increase the frequency of visits among existing customers, which in turn improved sales per store.
Towards the end of the year, margin expansion was partly supported by the increase in franchise stores, which have a different cost structure compared to company-owned stores. This contributed to a slight improvement in the business’s EBITDA performance.
In addition, The Company has adjusted the mechanics of PT Max Card Plus benefits to allow customers broader access to privileges, such as increasing the number of beverage entitlements. This adjustment enables a wider customer base to utilize the program.
Going forward, the growth of PunThai Coffee is expected to be supported by:
- Expansion of the store network
- Increased visit frequency from members
- These factors are expected to support revenue growth and margin expansion over the long term.
3. Marketing Margin declined in the previous quarter, yet net profit did not decrease. What explains this?
Answer :
During the early part of the quarter, the oil marketing margin (MKM) declined significantly during the first two months. However, in the final month of the quarter, marketing margins recovered to a relatively higher level.
This improvement toward the end of the quarter supported a stronger overall margin for the Oil business compared with the earlier period.
In addition, The Company continued to manage operating costs and expense structures efficiently, which helped maintain overall profitability despite the earlier decline in MKM.
4. How might government policies on fuel pricing and the new energy minister affect the industry?
Answer :
In the oil retail business, government policy is a key factor, as fuel prices are closely linked to national energy security and the cost of living for the public.
Historically, the government has utilized the Oil Fuel Fund as a mechanism to stabilize retail prices, particularly during periods of global oil price volatility.
For industry operators, an important element is the compensation mechanism through the Oil Fuel Fund, which helps ensure that operators can continue operating sustainably during periods of price volatility.
From The Company’s perspective, we will continue to closely monitor policy developments and operate within the existing market framework.
Over the long term, one of The Company’s key strategies is to diversify its portfolio toward Non-Oil businesses, which helps reduce exposure to oil market volatility and supports a more balanced earnings structure.
5. What is the growth outlook for PunThai Coffee and its unit economics?
Answer :
For PunThai Coffee, The Company places strong emphasis on store-level unit economics.
In general, the target is for each store to achieve payback within approximately 3 years, depending on the location. In some prime locations, payback can be as fast as 6–8 months.
Recently, the average cups sold per store per day increased from around 160–170 cups to more than 200 cups, reflecting stronger demand within the system.
What we observe is that the business growth is not solely driven by demand spillover, but rather by network expansion. In other words, expanding the store network increases accessibility and creates new demand within the system.
From a broader perspective, Thailand’s coffee consumption still has significant growth potential compared with more developed markets.
Therefore, The Company continues to see substantial room for growth in Thailand’s coffee market and will continue expanding the PunThai Coffee network.