Slide 1: Investor Update 2Q26
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Slide 2: Overview
Overview ➢ Operationally, we achieved a slight increase in production in the 2Q26 compared to 1Q26. ➢ Overall 1H 2026 actual performance was significantly higher than Budgeted across financial matrix (Ebitda and NPAT). This is principally due to higher ASP combined with lower cash costs partially of
Slide 3: Bayan's Financial and Operational Performance
Bayan’s Financial and Operational Performance 2025 1H25 1H26 2Q25 2Q26 Financial Performance (In Million USD) Revenue 3,427.6 1,621.9 1,740.1 731.7 918.5 Gross Profit 1,106.3 526.3 615.6 211.1 348.5 EBITDA 1,160.9 533.3 627.6 205.8 342.0 Net Profit After Tax 784.1 356.5 416.6 133.6 221.0 Financial R
Slide 4: One of the Largest Coal Producers
One of the Largest Coal Producers 1Q26 Production ➢ Bayan is ranked 2nd and 3rd by sales 25 volumes and production in 20 19.2 Indonesia based on 1Q26 actual Million Tonnes 15 15.2 14.7 performance. 10 7.5 6.6 4.7 ➢ Bayan’s 2025 production and sales 5 volumes increased by 20% and 0 26% over 2024 leve
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$10/ton 40+ discretionary growth Capex 159
Slide 6: One of the Lowest Cost Producers in Indonesia
One of the Lowest Cost Producers in Indonesia Global Cost Competitive Positioning ➢ Tabang is independently rated as 2025 Total cost curve - energy adjusted to 6,322kcal one of the worlds lowest cost energy-adjusted producers of seaborne thermal coal. ➢ Tabang has large reserves and a very low Life
Slide 7: And One of the Highest Margin Producers in Indonesia
And One of the Highest Margin Producers in Indonesia 1Q26 EBITDA Margin ➢ Bayan is consistently generating 40% 35% one of the highest margins in the Indonesia thermal coal matrix. 30% 23% 20% 20% 19% ➢ This is due to the ramp up of its 16% 15% 12% world class Tabang coal complex, 10% which is antici
Slide 8: Low Leverage
Low Leverage Quarterly Cash Position US$ Million ➢ Targeted net leverage of less than 1,000 954.1 2.5x EBITDA throughout the 800 778.0 745.0 commodity cycle. 548.8 574.6 600 ➢ Bayan has had no net debt since 400 1Q 2021. 200 ➢ Bayan has been re-assigned an 0 2Q25 3Q25 4Q25 1Q26 2Q26 independent cred
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$ 4.8 billion in dividends over the last five years. ➢ Its payout ratio over the same period is 73% of NPAT (2021 – 2025). ➢ Bayan paid dividends of
Slide 10: 2Q 2026
2Q 2026 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 89.4 ➢ 2Q26 OB was lower than the 75.7 84.7 Budget primarily due to: 80 62.4 • Lower OB at WBM due to 60 delays in starting at new area. 40 • Lower OB at PIK due to 20 reduction of 1 fleet OB caused by RKAB restriction. 0 2Q25 1Q26 2Q26B 2Q26 Note : B stands
Slide 12: Coal Production
Coal Production (million MT) 20 17.9 18.2 ➢ 2Q26 coal production was higher 16 14.0 14.7 than the Budget and significantly higher than 1Q26 due to: 12 • an increase in coal production 8 facilitated by additional 4 equipment mobalised. 0 Partially offset with lower 2Q25 1Q26 2Q26B 2Q26 production at
Slide 13: Weighted Average Stripping Ratio (SR)
Weighted Average Stripping Ratio (SR) 6 5.2 5.0 5 4.5 4.7 ➢ 2Q26 SR was lower than 1Q26 4 due to: 3 • Changes in mining sequence which temporarily 2 reduced operational SR’s, 1 partially offset by increase 0 of SR at TJ due to RKAB 2Q25 1Q26 2Q26B 2Q26 limits being reached. Note : B stands for Budge
Slide 14: Average Cash Costs (Budget vs Actual)
Average Cash Costs (Budget vs Actual) 50 38.6 40 37.0 ➢ 2Q26 Cash Costs were slightly lower than the Budget, primarily (US$ / MT) 30 due to: 20 • Lower coal purchase due to no coal purchases. 10 • Lower overburden costs due to 0 lower stripping ratio combined 2Q26B 2Q26 with shorter overhaul distanc
Slide 15: Average Cash Costs (2Q26 vs 1Q26)
Average Cash Costs (2Q26 vs 1Q26) 40 35.8 37.0 33.1 35 ➢ 2Q26 Cash Costs of US$ 37.0/MT 30 were higher than the 1Q25 of (US$ / MT) 25 US$ 33.1/MT principally due to: 20 • Higher Overburden cost due to 15 higher fuel prices combined with 10 longer overhaul distance. 5 0 • Higher employee costs due to
Slide 16: Coal Sales (by volume)
Coal Sales (by volume) 20 (million MT) 18.0 16.4 15.8 16 15.0 ➢ 2Q26 coal sales volume of 15.8 million MT were lower than the 12 Budget of 18.0 million MT and 8 slightly lower than 1Q26 levels. 4 0 2Q25 1Q26 2Q26B 2Q26 Note : B stands for Budget Figure ➢ Quarterly barging at Tabang Senyiur : Average
Slide 17: Coal Sales (by volume) (continued)
Coal Sales (by volume) (continued) Geographic Distribution (1H26) – by Volume ➢ The Company continues to focus on building its long term contracts Per Region Per Country within Indonesia and with other Domestic Others India South South East Asian IPP’s. 19% 2% 10% Korea 2% Philippines Malaysia 2% ➢
Slide 18: Average Selling Price (ASP)
Average Selling Price (ASP) 60 63.9 65 ➢ 2Q26 ASP for coal was US$ 57 60 58.1/MT which was significantly 58.1 higher than the Budget and the (US$ / MT) 54 52.9 50.0 55 1Q26 due to the increase in 51 48.7 49.9 50 market prices. 48 49.0 45 45 46.4 42 40 ➢ A pick up in market prices for 2Q25 1Q26 2Q26B
Slide 19: EBITDA
EBITDA US$ Million 400 342.0 ➢ 2Q26 EBITDA of US$ 342.0 million 350 285.6 was significantly higher than the 300 Budget of US$ 194.5 due to higher 250 205.8 194.5 ASP combined with lower cash 200 costs partially offset with lower 150 sales volumes. 100 2Q25 1Q26 2Q26B 2Q26 ➢ 2Q26 EBITDA was also high
Slide 20: Total Debt and Cash Position
Total Debt and Cash Position 1200 ➢ No outstanding loans as of the end of March 2026. 1000 954.1 ➢ Continued to be net cash positive (in million US$) since 1Q21. 800 778.0 745.0 588.8 ➢ On the 20th October 2025 Bayan 600 548.8 subscribed for IDR 3 Trillion (USD 180 million) of Patriot Bonds with 400
Slide 21: Capital Expenditure
Capital Expenditure ➢ 2Q26 Capex was US$ 36.0 million, which 120 was lower than the Budget primarily due to the timing delay in certain projects 98.8 101.3 100 such as contractor’s camp and facilities, 93.4 the new FSP camp and the BCT expansion. 80 77.4 In Million USD 66.8 60 58.9 ➢ 2Q26 spend incl
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