Slide 1: Bayan Airport in Tabang site
Bayan Airport in Tabang site www.bayan.com.sg 0
Slide 2: Overview
Overview ➢ Operationally, the third quarter has seen significant improvement in production and sales volumes compared to 2Q25. ➢ Overall 3Q25 EBITDA and NPAT actual performance was lower than Budgeted which was principally due to lower ASP combined with lower sales volumes. ➢ Despite this, 3Q25 fina
Slide 3: Bayan's Financial and Operational Performance
Bayan’s Financial and Operational Performance YTD YTD 2024 3Q24 3Q25 3Q24 3Q25 Financial Performance (In Million USD) Revenue 3,446.2 2,469.6 2,439.9 935.6 818.1 Gross Profit 1,332.8 914.7 773.4 332.4 247.0 EBITDA 1,355.0 920.1 805.3 347.1 272.0 Net Profit After Tax 943.4 635.0 533.7 247.9 177.2 Fin
Slide 4: One of the Largest Coal Producers
One of the Largest Coal Producers 1H25 Production ➢ Bayan is ranked 3rd by sales 40 35.9 33.5 volumes and production in 32 27.7 Indonesia based on 1H25 actual Million Tonnes 24 21.7 performance. 16 14.5 10.4 ➢ Bayan’s 1H25 production and sales 8 volumes increased by 8% and 31% 0 over 1H24 levels. Bu
Slide 5: Low Cost Incremental Growth
Low Cost Incremental Growth Capex Intensity by Country (1) Tabang Capacity Growth ➢ The Muara Pahu barge loading 250 80+ …Unlocking tangible capacity 218 facility which consist of 3 207 200 40+ upside at ~US$10/ton 175 integrated lines of side discretionary growth Capex 159 161 dumps/crushers/convey
Slide 6: One of the Lowest Cost Producers in Indonesia
One of the Lowest Cost Producers in Indonesia Global Cost Competitive Positioning ➢ Tabang is independently rated as 2025 Total cost curve - energy adjusted to 6,322kcal one of the worlds lowest cost energy-adjusted producers of seaborne thermal coal. ➢ Tabang has large reserves and a very low Life
Slide 7: And One of the Highest Margin Producers in Indonesia
And One of the Highest Margin Producers in Indonesia 1H25 EBITDA Margin ➢ Bayan is consistently generating 40% one of the highest margins in the 33% 29% Indonesia thermal coal matrix. 30% 20% 19% 18% ➢ This is due to the ramp up of its world class Tabang coal complex, 11% 9% 10% which is anticipated
Slide 8: Low Leverage
Low Leverage Quarterly Cash Position US$ Million ➢ Targeted net leverage of less than 1,000 912.2 2.5x EBITDA throughout the 800 778.0 commodity cycle. 636.3 561.8 548.8 600 ➢ Bayan has had no net debt since 400 1Q 2021. 200 ➢ Bayan has been re-assigned an 0 3Q24 4Q24 1Q25 2Q25 3Q25 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$ 4.6 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: 3Q 2025
3Q 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) 120 (million BCM) ➢ 3Q25 OB was lower than the Budget 104.5 primarily due to: 100 91.5 80 71.3 • Lower OB at Tabang due to low 62.4 machinery availability of certain 60 subcontractors. 40 • Lower OB at GBP due to delays in 20 Block 1 production. 0 3Q24 2Q25 3Q25B 3Q25 • Lower
Slide 12: Coal Production
Coal Production (million MT) 24 19.8 20.6 ➢ 3Q25 coal production was higher 20 than the Budget and significantly 16 14.4 higher than 2Q25 due to: 14.0 12 • Higher coal production at 8 Tabang as site trying to catch up on previous production 4 shortfalls. 0 3Q24 2Q25 3Q25B 3Q25 Partially offset with
Slide 13: Weighted Average Stripping Ratio (SR)
Weighted Average Stripping Ratio (SR) 6 5.0 5.3 5 4.4 4.5 ➢ Lower SR compared to the 4 Budget due to : 3 • Lower SR at Tabang due to 2 site continuing to try to 1 catch up with the production shortfall in 1H25 0 3Q24 2Q25 3Q25B 3Q25 and moving production into Note : B stands for Budget Figure lower
Slide 14: Average Cash Costs (Budget vs Actual)
Average Cash Costs (Budget vs Actual) 50 40 38.3 ➢ 3Q25 Cash Costs were significantly 32.2 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 3Q25B 3Q25 achieve
Slide 15: Average Cash Costs (3Q25 vs 2Q25)
Average Cash Costs (3Q25 vs 2Q25) 50 ➢ 3Q25 Cash Costs of US$ 32.2/MT 38.4 40 35.8 were lower than the 2Q25 of 32.2 US$ 35.8/MT principally due to: (US$ / MT) 30 • Final payment of bonus paid in 20 June. 10 • Lower coal purchase cost in 3Q25 compared to 2Q25 due to 0 significantly lower quantity 3Q2
Slide 16: Coal Sales (by volume)
Coal Sales (by volume) 24 (million MT) 19.3 20 17.2 15.6 15.0 ➢ 3Q25 coal sales volume of 17.2 million 16 MT was lower than the Budget but 12 higher than 2Q25 as production and 8 barging improved. 4 0 3Q24 2Q25 3Q25B 3Q25 Note : B stands for Budget Figure ➢ Quarterly barging at Tabang Average Senyiu
Slide 17: Coal Sales (by volume) (continued)
Coal Sales (by volume) (continued) Geographic Distribution (YTD 3Q25) – by Volume ➢ The Company continues to focus on building its long term contracts Per Region Per Country within Indonesia and with other East Asia 31% Others 2% India 9% South East Asian IPP’s. Domestic South Korea 27% Philippines
Slide 18: Average Selling Price (ASP)
Average Selling Price (ASP) 70 51.7 60 ➢ 3Q25 ASP of US$ 47.5/MT was 55.0 60 46.4 lower than the Budget and 2Q25 50 50 42.1 due to continued weak market (US$ / MT) 40 59.8 47.5 40 prices especially for ICI4. 60.1 30 30 48.7 20 20 ➢ Actual coal prices as of end of 10 10 September 2025 stood at 0 3Q24
Slide 19: EBITDA
EBITDA US$ Million 500 421.9 ➢ 3Q25 EBITDA of US$ 272.0 million 400 347.1 was significantly lower than the 300 272.0 Budget of US$ 421.9 due to lower 200 205.8 ASP and lower sales volumes, partially offset with lower cash 100 costs. 0 3Q24 2Q25 3Q25B 3Q25 ➢ However, 3Q25 EBITDA was higher Note : B s
Slide 20: Total Debt and Cash Position
Total Debt and Cash Position 1000 912.2 ➢ No outstanding loans as of the end of 900 September 2025. 800 778.0 (in million US$) 700 ➢ Continued to be net cash positive 636.3 since 1Q21. 600 561.8 548.8 500 486.4 ➢ On the 20th October 2025 Bayan subscribed for IDR 3 Trillion (USD 400 340.0 180 million
Slide 21: Capital Expenditure
Capital Expenditure ➢ 3Q25 Capex was US$ 43.0 million, which 120 was significantly lower than the Budget 105.7 primarily due to the timing delay in 100 98.8 certain projects such as contractor’s 93.4 camp and facilities, the new FSP camp 80 and the BCT expansion. In Million USD 64.0 ➢ 3Q25 spend inc
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