Pt Bayan Resources TbkIDX: BYAN

Investor Updates 1H25

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www.bayan.com.sg 0



  • 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 principally due to lower ASP combined with lower sales volumes.

  • Despite this, 2Q25 financial performance is still generating very healthy

    margins and profit levels.



    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

    Financial Ratios

    Gross Profit Margin (%)

    38.7%

    38.0%

    32.5%

    35.3%

    28.8%

    EBITDA Margin (%)

    39.3%

    37.4%

    32.9%

    32.8%

    28.1%

    Net Profit Margin (%)

    27.4%

    25.2%

    22.0%

    22.2%

    18.3%

    Net Debt to EBITDA (x)

    Net Cash

    Net Cash

    Net Cash

    Net Cash

    Net Cash

    Operational Statistics

    Overburden Removal (MBCM)

    257.5

    122.8

    132.3

    60.9

    62.4

    Strip Ratio (x) - based on production volume

    4.5

    4.8

    4.8

    5.3

    4.5

    Coal Production (MT)

    56.9

    25.6

    27.7

    11.6

    14.0

    Sales Volume (MT)

    56.2

    24.6

    32.2

    12.4

    15.0

    Average Selling Price (US$/MT)

    61.3

    62.4

    50.3

    61.8

    48.7

    Average Cash Costs (US$/MT)

    37.8

    39.8

    34.2

    42.2

    35.8



    1Q25 Production

    • Bayan is ranked 1st by sales

20 17.2

Million Tonnes

15 10 5 0 16.0 14.5 13.7 8.5 7.4 5.3 volumes and 4th by production in Indonesia based on 1Q25 actual performance.
  • Bayan's 2024 production and sales volumes increased by 12% and 16% over 2023 levels. Bumi Adaro GEMS Bayan PTBA Kideco ITMG

    Source: Company Filings, Company Data

    1Q25 Sales Volume

  • The first phase of Muara Pahu was opened in 2023 with the second phase completed in 1Q24 which has allowed us to commence

    20 17.2 16.7

    Million Tonnes

    15 10 5 13.8 10.3 7.3 5.9 expansion in 2024 and beyond.
    • This will allow Bayan to expand production at Tabang to more than 80 mtpa.
0 Bayan Bumi GEMS PTBA Kideco ITMG

Source: Company Fillings. Company Data



Capex Intensity by Country (1) Tabang Capacity Growth

  • Our new coal haul road and the

    250 200 150

    40+

    80+

    …Unlocking tangible capacity upside at ~US$10/ton discretionary growth Capex

    130

    159 161

    175

    207 218

    associated overland conveyors

    and side dumps for the first and second barge loading facilities were completed at the end of

    100 50 0

    2023 2024+

    85

    65 71

    50

    10 13 23

    96 98 110

    2023.

  • The third barge loader, overland conveyor and side dump was completed in 1Q 2024.

  • All three barge loaders will add an

Source: Wood Mackenzie

Notes

  1. Based on 2012 real dollars

  2. US$460m Capex (include BCT) divided by an incremental 45+ Mtpa production / sales capacity

    2017 - 2023 CAGR (Production)

    25

    additional 45+ million MT to our existing capacity.

    • Total expansionary capex in the region of US$ 460 million (2019-

19.8 20 15 % 10 5 0 15.5 9.6 4.1

2026) for the Tabang Project including the 100km haul road, overland conveyors and barge loaders at Muara Pahu and the upgrade of the BCT.

-5 GEMS Bayan PTBA Adaro Kideco Bumi ITMG -1.0 -1.7 -4.4

Source: Company Fillings. Company Data 4