Pt Bayan Resources Tbk · IDX:BYAN
Pt Bayan Resources Tbk — Q4 2025 Earnings Presentation
25 slides from Pt Bayan Resources Tbk's earnings presentation, Mar 13, 2026
Slide 1: 2025 Fourth Quarter Update
a, AN N RES! hee 2025 Sd Fourth Quarter Update Hata ILO ‘ OURCES, Tbk. 02 ” www.bayan.com.sg
Slide 2: Overview
Overview ➢ Operationally, 2025 has seen significant improvement over the same period last year with an approximate 20-26% increase in coal production and sales volume. ➢ Overall, 2025 financial performance was lower than Budgeted across all financial matrix. This is principally due to lower market p
Slide 3: Bayan's Financial and Operational Performance
Bayan’s Financial and Operational Performance 4Q24 4Q25 2024 2025 Financial Performance (In Million USD) Revenue 976.6 987.7 3,446.2 3,427.6 Gross Profit 418.1 332.9 1,332.8 1,106.3 EBITDA 434.8 355.6 1,355.0 1,160.9 Net Profit After Tax 308.3 250.3 943.4 784.1 Financial Ratios Gross Profit Margin (
Slide 4: One of the Largest Coal Producers
One of the Largest Coal Producers YTD 3Q25 Production ➢ Bayan is ranked 3rd by sales 60 54.9 51.5 volumes and production in 48.3 50 Indonesia based on YTD 3Q25 Million Tonnes 40 35.9 actual performance. 30 22.2 20 15.4 ➢ Bayan’s YTD 3Q25 production and 10 sales volumes increased by 21% 0 and 23% ove
Slide 5: Low Cost Incremental Growth
Low Cost Incremental Growth Capex Intensity by Country (1) ➢ The Muara Pahu barge loading Tabang Capacity Growth facility which consist of 3 250 80+ integrated lines of side …Unlocking tangible capacity 207 218 dumps/crushers/conveyors and 200 upside at ~US$10/ton 40+ discretionary growth Capex 159
Slide 6: One of the Lowest Cost Producers in Indonesia
One of the Lowest Cost Producers in Indonesia Global Cost Competitive Positioning ➢ Tabang is independently rated as 2025 Total cost curve - energy adjusted to 6,322kcal one of the worlds lowest cost energy-adjusted producers of seaborne thermal coal. ➢ Tabang has large reserves and a very low Life
Slide 7: And One of the Highest Margin Producers in Indonesia
And One of the Highest Margin Producers in Indonesia YTD 3Q25 EBITDA Margin ➢ Bayan is consistently generating 40% one of the highest margins in the 33% Indonesia thermal coal matrix. 30% 26% 20% 17% ➢ This is due to the ramp up of its 17% 11% world class Tabang coal complex, 10% 9% 10% which is ant
Slide 8: Low Leverage
Low Leverage Quarterly Cash Position US$ Million ➢ Targeted net leverage of less than 1,000 2.5x EBITDA throughout the 800 778.0 commodity cycle. 636.3 548.8 574.6 600 ➢ Bayan has had no net debt since 400 1Q 2021. 200 ➢ Bayan has been re-assigned an 0 1Q25 2Q25 3Q25 4Q25 independent credit ratings
Slide 9: Dividends
Dividends ➢ Bayan has a proven history of utilizing cash to reduce leverage and then return excess cash to shareholders. ➢ Bayan has paid a total of US$ 4.6 billion in dividends over the last five years. ➢ Its payout ratio over the same period is 75% of NPAT (2020 – 2024). ➢ Bayan paid dividends of
Slide 10: 4Q 2025
4Q 2025 Overburden Removal Coal Production Weighted Average Strip Ratio Average Cash Costs Coal Sales Average Selling Price Committed & Contracted Sales EBITDA Debt and Cash Position Capital Expenditure 9 www.bayan.com.sg
Slide 11: Overburden Removal (OB)
Overburden Removal (OB) (million BCM) 100 91.5 93.3 81.4 ➢ 4Q25 OB was significantly lower 80 than the Budget and 3Q25 60 63.3 primarily due to: 40 • Lower OB at GBP due to delays in Block 1 production. 20 • Several units in Tabang move 0 from OB to coal to boost coal 4Q24 3Q25 4Q25B 4Q25 Note : B s
Slide 12: Coal Production
Coal Production (million MT) 24 20.6 18.9 19.7 ➢ 4Q25 coal production was 20 16.9 slightly higher than the Budget 16 but slightly lower than 3Q25 due 12 to: 8 • Higher coal production at Tabang as site trying to catch 4 up on previous production 0 shortfalls by moving several 4Q24 3Q25 4Q25B 4Q25 No
Slide 13: Weighted Average Stripping Ratio (SR)
Weighted Average Stripping Ratio (SR) 6 4.9 5 3.7 ➢ Lower SR compared to the 4.4 4.1 4 Budget and slightly lower than 3Q25 due to : 3 • Lower SR at Tabang due to 2 site continuing to try to 1 catch up with the 0 production shortfall and 4Q24 3Q25 4Q25B 4Q25 moving production into Note : B stands for
Slide 14: Average Cash Costs (Budget vs Actual)
Average Cash Costs (Budget vs Actual) 50 ➢ 4Q25 Cash Costs were 40 38.1 significantly lower than the Budget, primarily due to: (US$ / MT) 30.0 30 • Lower overburden costs due to 20 lower stripping ratio combined with shorter overhaul distance. 10 • Lower royalty due to lower ASP 0 achieved. 4Q25B 4Q
Slide 15: Average Cash Costs (4Q25 vs 3Q25)
Average Cash Costs (4Q25 vs 3Q25) 50 ➢ 4Q25 Cash Costs of US$ 30.0/MT 40 34.1 32.2 were slightly lower than the 3Q25 of (US$ / MT) 30.0 30 US$ 32.2/MT principally due to: • Higher sales volumes which 20 reduced certain costs. 10 • Lower OB cost due to lower average SR, lower overhaul 0 4Q24 3Q25 4Q2
Slide 16: Coal Sales (by volume)
Coal Sales (by volume) (million MT) 24 20.5 21.3 ➢ 4Q25 coal sales volume of 21.3 20 17.2 million MT was slightly higher 16 16.1 than the Budget and 3Q25 as 12 production and barging improved. 8 4 ➢ Total sales volumes reached 70.8 million MT which was a 0 4Q24 3Q25 4Q25B 4Q25 significant increase f
Slide 17: Coal Sales (by volume) (continued)
Coal Sales (by volume) (continued) Geographic Distribution (2025) – by Volume ➢ The Company continues to focus on building its long term contracts Per Region Per Country within Indonesia and with other Others India South East Asian IPP’s. East Asia 2% 8% South Domestic 37% Korea 26% Philippines 19%
Slide 18: Average Selling Price (ASP)
Average Selling Price (ASP) ➢ 4Q25 ASP of US$ 46.3/MT was 70 51.8 55.0 60 significantly lower than the 60 46.4 Budget and slightly lower than 42.1 50 50 3Q25 due to an increased (US$ / MT) 61.1 40 40 46.3 proportion of sales to China 60.6 30 47.5 30 despite a slight increase in ICI4 20 20 levels. 10
Slide 19: EBITDA
EBITDA US$ Million 600 478.4 ➢ 4Q25 EBITDA of US$ 355.6 million 500 434.8 was significantly lower than the 400 355.6 Budget of US$ 478.4 due to 272.0 300 significantly lower ASP, partially 200 offset with lower cash costs and 100 slightly higher sales volumes. 0 4Q24 3Q25 4Q25B 4Q25 ➢ However, 4Q25
Slide 20: Total Debt and Cash Position
Total Debt and Cash Position 1000 912.2 ➢ No outstanding loans as of the end of 900 December 2025. 800 778.0 (in million US$) 700 ➢ Continued to be net cash positive 636.3 since 1Q21. 600 548.8 574.6 500 ➢ On the 20th October 2025 Bayan subscribed for IDR 3 Trillion (USD 400 180 million) of Partriot
Slide 21: Capital Expenditure
Capital Expenditure 120 ➢ 4Q25 Capex was US$ 66.8 million, which 105.7 101.3 was significantly lower than the Budget 100 98.8 primarily due to the timing delay in 93.4 certain projects such as contractor’s 80 camp and facilities, the new FSP camp In Million USD 66.8 and the BCT expansion. 60 55.9 ➢
Slide 22: Appendix
Appendix PT Perkasa Inakakerta PIK PT Teguh Sinarabadi TSA PT Firman Ketaun Perkasa FKP PT Wahana Baratama Mining WBM PT Brian Anjat Sentosa BAS PT Bara Tabang BT Tabang PT Fajar Sakti Prima FSP PT Dermaga Energi DE PT Tanur Jaya TJ North Pakar PT Tiwa Abadi TA PT Silau Kencana SK PT Orkida Makmur O
Slide 23: Appendix
Appendix Kangaroo Resources Pty Ltd KRL PT Dermaga Perkasapratama DPP PT Indonesia Pratama IP PT Muji Lines Muji PT Bayan Energy BE PT Metalindo Prosestama MP PT Karsa Optima Jaya KOJ PT Gunungbayan Pratamacoal GBP PT Kariangau Power KP PT Enggang Alam Sawita EAS 22 www.bayan.com.sg
Slide 24: Disclaimer
Disclaimer This presentation contains forward-looking statements based on assumptions and forecasts made by PT. Bayan Resources Tbk management. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are base
Slide 25: Thank You
Thank You 24 www.bayan.com.sg