Pt Bayan Resources TbkIDX: BYAN

Investor Updates 1Q25

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www.bayan.com.sg 0



  • Operationally, we achieved a significant increase in sales volume in the 1Q25 compared to 1Q24, although production levels were lower than Budgeted caused by heavier than anticipated rainfall.

  • Overall 1Q25 EBITDA and NPAT actual performance was lower than Budgeted which was principally due to lower ASP.

  • Despite this, 1Q25 financial performance is still generating very healthy

    margins and profit levels.



    2023

    2024

    1Q24

    1Q25

    Financial Performance

    (In Million USD)

    Revenue

    3,581.4

    3,446.2

    769.1

    890.1

    Gross Profit

    1,664.2

    1,332.8

    312.2

    315.2

    EBITDA

    1,718.9

    1,355.0

    322.1

    327.5

    Net Profit After Tax

    1,279.6

    943.4

    217.3

    223.0

    Financial Ratios

    Gross Profit Margin (%)

    46.5%

    38.7%

    40.6%

    35.4%

    EBITDA Margin (%)

    48.0%

    39.3%

    41.9%

    36.8%

    Net Profit Margin (%)

    35.7%

    27.4%

    28.2%

    25.0%

    Net Debt to EBITDA (x)

    Net Cash

    Net Cash

    Net Cash

    Net Cash

    Operational Statistics

    Overburden Removal (MBCM)

    219.5

    257.5

    62.0

    69.9

    Strip Ratio (x) - based on production volume

    4.4

    4.5

    4.4

    5.1

    Coal Production (MT)

    49.7

    56.9

    14.0

    13.7

    Sales Volume (MT)

    47.2

    56.2

    12.2

    17.2

    Average Selling Price (US$/MT)

    75.8

    61.3

    63.0

    51.7

    Average Cash Costs (US$/MT)

    40.2

    37.8

    37.3

    32.9



    2024 Production

    • Bayan is ranked 3rd by production 90 74.7

      Million Tonnes

      75 60 45 30 15 0 65.8 56.9 50.7 43.3 30.7 20.2 and by sales volumes in Indonesia based on 2024 actual performance.
    • Bayan's 2024 production and sales volumes increased by 12% and 16% over 2023 levels. Bumi Adaro Bayan GEMS PTBA Kideco ITMG

      Source: Company Filings, Company Data

      2024 Sales Volume

      90
    • The first phase of Muara Pahu was opened in 2023 with the second phase completed in 1Q24 which has allowed us to commence expansion in 2024 and beyond. 75.8

      Million Tonnes

      75 60 45 30 15 0 67.1 56.2 51.9 42.9 31.1 24.0
      • This will allow Bayan to expand production at Tabang to more than 80 mtpa.
Bumi Adaro Bayan 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