Slide 1: First Half 2025 Update Presentation
RCES Tbk. 6 PT BAYAN RESO RESOL rt First Half 2025 Update Presentation ee www.bayan.com.sg
Slide 2: Overview
Overview ➢ Operationally, the second quarter continued to be challenging due to continued production issues and overall sales volumes and overburden production levels were lower than the 1Q25 and the Budget. ➢ Overall 2Q25 EBITDA and NPAT actual performance was lower than Budgeted which was principa
Slide 3: Bayan's Financial and Operational Performance
Bayan’s Financial and Operational Performance 2024 1H2024 1H2025 2Q24 2Q25 Financial Performance (In Million USD) Revenue 3,446.2 1,534.0 1,621.9 764.9 731.7 Gross Profit 1,332.8 582.3 526.3 270.2 211.1 EBITDA 1,355.0 573.1 533.3 251.0 205.8 Net Profit After Tax 943.4 387.2 356.5 169.9 133.6 Financi
Slide 4: One of the Largest Coal Producers
One of the Largest Coal Producers 1Q25 Production ➢ Bayan is ranked 1st by sales 20 17.2 volumes and 4th by production in 16.0 14.5 Indonesia based on 1Q25 actual Million Tonnes 15 13.7 performance. 10 8.5 7.4 5.3 ➢ Bayan’s 2024 production and sales 5 volumes increased by 12% and 0 16% over 2023 lev
Slide 5: Low Cost Incremental Growth
Low Cost Incremental Growth Capex Intensity by Country (1) Tabang Capacity Growth ➢ Our new coal haul road and the 250 80+ associated overland conveyors …Unlocking tangible capacity 207 218 and side dumps for the first and 200 upside at ~US$10/ton 40+ discretionary growth Capex 159 161 175 second ba
Slide 6: One of the Lowest Cost Producers in Indonesia
One of the Lowest Cost Producers in Indonesia Global Cost Competitive Positioning ➢ Tabang is independently rated as 2025 Total cost curve - energy adjusted to 6,322kcal one of the worlds lowest cost energy-adjusted producers of seaborne thermal coal. ➢ Tabang has large reserves and a very low Life
Slide 7: And One of the Highest Margin Producers in Indonesia
And One of the Highest Margin Producers in Indonesia 1Q25 EBITDA Margin ➢ Bayan is consistently generating 40% 37% one of the highest margins in the 29% Indonesia thermal coal matrix. 30% 24% 20% 19% ➢ This is due to the ramp up of its world class Tabang coal complex, 11% 10% 10% which is anticipate
Slide 8: Deleveraged the Group
Deleveraged the Group Quarterly Cash Position US$ Million ➢ Targeted net leverage of less than 1,000 912.2 2.5x EBITDA throughout the 800 778.0 commodity cycle. 636.3 561.8 600 486.4 ➢ Bayan has had no net debt since 400 1Q 2021. 200 ➢ Bayan has been re-assigned an 0 2Q24 3Q24 4Q24 1Q25 2Q25 indepen
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), which is one of the highes
Slide 10: 2Q 2025
2Q 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) 100 (million BCM) ➢ 2Q25 OB was significantly lower 87.4 than the Budget and slightly below 80 69.9 1Q25, primarily due to: 60.9 62.4 60 • Lower OB at Tabang due to : 40 ✓ Higher rainfall than Budgeted. 20 ✓ Shortage of main fleets and 0 supporting dewatering 2Q24 1Q25 2Q25B
Slide 12: Coal Production
Coal Production (million MT) 20 17.4 ➢ 2Q25 coal production was lower 16 14.0 than the Budget due to: 13.7 11.6 12 • Lower production at Tabang due to lower overburden 8 volumes achieved despite site 4 lowering the short term operational stripping ratio. 0 2Q24 1Q25 2Q25B 2Q25 • Lower production at
Slide 13: Weighted Average Stripping Ratio (SR)
Weighted Average Stripping Ratio (SR) 6 5.3 5.1 5.0 5 4.5 ➢ Lower SR at Tabang due to 4 lower overburden production 3 and site trying to counteract the 2 overburden production shortfall by reducing the short term 1 stripping ratio by swapping a 0 number of fleets into lower SR 2Q24 1Q25 2Q25B 2Q25 N
Slide 14: Average Cash Costs (Budget vs Actual)
Average Cash Costs (Budget vs Actual) 50 40 42.3 ➢ 2Q25 Cash Costs were significantly 35.8 lower than the Budget, primarily due (US$ / MT) 30 to: 20 • Lower overburden costs due to lower stripping ratio combined 10 with shorter overhaul distance. 0 • Lower royalty due to lower ASP 2Q25B 2Q25 achieve
Slide 15: Average Cash Costs (2Q25 vs 1Q25)
Average Cash Costs (2Q25 vs 1Q25) 50 42.2 ➢ 2Q25 Cash Costs of US$ 35.8/MT 40 35.8 were higher than the 1Q25 of 32.9 US$ 32.9/MT principally due to: (US$ / MT) 30 • Final payment of bonus paid in 20 June which increased costs by approximately US$ 4.0/MT 10 compared to the 1Q25. 0 2Q24 1Q25 2Q25 Aver
Slide 16: Coal Sales (by volume)
Coal Sales (by volume) 20 (million MT) 17.2 17.1 16 15.0 12.4 ➢ 2Q25 coal sales volume of 15.0 million 12 MT was lower than the Budget and 1Q25 due to continued production 8 issues. 4 0 2Q24 1Q25 2Q25B 2Q25 Note : B stands for Budget Figure ➢ Quarterly barging at Tabang Average Senyiur Water Levels
Slide 17: Coal Sales (by volume) (continued)
Coal Sales (by volume) (continued) Geographic Distribution (1H25) – by Volume ➢ The Company continues to focus on building its long term contracts Per Region Per Country within Indonesia and with other South Vietnam Korea Others 4% South East Asian IPP’s. East Asia 3% Domestic 4% 29% 32% Malaysia In
Slide 18: Average Selling Price (ASP)
Average Selling Price (ASP) 70 61.8 59.5 ➢ 2Q25 ASP of US$ 48.7/MT was lower 60 51.7 than the Budget and 1Q25 due to 50 48.7 continued weak market prices (US$ / MT) especially for ICI4. 40 30 ➢ Actual coal prices as of end of June 2025 stood at US$ 106.5/MT for 20 Newcastle and US$ 41.9/MT for ICI4.
Slide 19: EBITDA
EBITDA US$ Million 400 327.5 ➢ 2Q25 EBITDA of US$ 205.8 million 300.1 300 251.0 was significantly lower than the 205.8 Budget of US$ 300.1 due to lower 200 ASP and lower sales volumes, 100 partially offset with lower cash costs. 0 2Q24 1Q25 2Q25B 2Q25 ➢ 2Q25 EBITDA was significantly Note : B stands
Slide 20: Total Debt and Cash Position
Total Debt and Cash Position 1000 912.2 ➢ No outstanding loans as of the end of 900 June 2025. 800 778.0 (in million US$) 700 ➢ Continued to be net cash positive 636.3 since 1Q21. 600 561.8 500 486.4 ➢ Bayan continues to have US$ 600 million of committed Working Capital 400 340.0 Facilities availabl
Slide 21: Capital Expenditure
Capital Expenditure ➢ 2Q25 Capex was US$ 39.2 million, which 120 was significantly lower than the Budget 105.7 primarily due to the timing delay in 98.8 certain projects such as contractor’s 100 camp and facilities, the new FSP camp 80 and BCT expansion. 71.3 In Million USD 64.0 ➢ 2Q25 spend include
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 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