Pt Bayan Resources TbkIDX: BYAN

Investor Updates 1Q26

· Issued by Pt Bayan Resources Tbk

https://www.bayan.com.sg 0



  • Operationally, we achieved a slight increase in production in the 1Q26

    compared to 1Q25.

  • Overall, 1Q26 financial performance was higher than Budgeted across financial matrix. This is principally due to lower cash costs partially offset with lower sales volumes and slightly lower ASP than Budgeted which has led to higher EBITDA and NPAT.

  • 1Q26 financial performance generated healthy margins and profit levels.



    2024

    2025

    1Q25

    1Q26

    Financial Performance

    (In Million USD)

    Revenue

    3,446.2

    3,427.6

    890.1

    821.7

    Gross Profit

    1,332.8

    1,106.3

    315.2

    267.1

    EBITDA

    1,355.0

    1,160.9

    327.5

    285.6

    Net Profit After Tax

    943.4

    784.1

    223.0

    195.5

    Financial Ratios

    Gross Profit Margin (%)

    38.7%

    32.3%

    35.4%

    32.5%

    EBITDA Margin (%)

    39.3%

    33.9%

    36.8%

    34.8%

    Net Profit Margin (%)

    27.4%

    22.9%

    25.0%

    23.8%

    Net Debt to EBITDA (x)

    Net Cash

    Net Cash

    Net Cash

    Net Cash

    Operational Statistics

    Overburden Removal (MBCM)

    257.5

    305.2

    69.9

    75.7

    Strip Ratio (x) - based on production volume

    4.5

    4.5

    5.1

    5.2

    Coal Production (MT)

    56.9

    68.0

    13.7

    14.7

    Sales Volume (MT)

    56.2

    70.8

    17.2

    16.4

    Average Selling Price (US$/MT)

    61.3

    48.4

    51.7

    49.9

    Average Cash Costs (US$/MT)

    37.8

    32.5

    32.9

    33.1



    2025 Production

    • Bayan is ranked 3rd by sales

80 74.8

Million Tonnes

70 68.7 68.0

60 50 40 30 20 10 0 54.9 47.2 30.5 21.2

volumes and production in Indonesia based on 2025 actual performance.

  • Bayan's 2025 production and sales volumes increased by 20% and 26% over 2024 levels.

    Bumi Adaro Bayan GEMS PTBA Kideco ITMG

    Source: Company Filings, Company Data

    2025 Sales Volume

  • Muara Pahu's capacity was fully available in 2025 which has 45+ million MT.

    80 74.6 71.9 70.8

    Million Tonnes

    70 60 50 40 30 20 10 0 54.2 45.4 30.8 24.7

    • 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

  • The Muara Pahu barge loading facility which consist of 3

    250 200 150

    40+

    80+

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

    130

    159 161

    175

    207 218

    integrated lines of side

    dumps/crushers/conveyors and barge loaders were completed in the 1Q24.

    100 50 0

    2023 2024+

    50

    10 13 23

    85

    65 71

    96 98 110

  • All three barge loaders add an additional 45+ million MT to our existing capacity.

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

    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 19.8

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

    20 15.5 15 % 10 5 0 9.6 4.1

    • Commenced construction of a fourth barge loader at Muara Pahu to improve efficiency, anticipated to be completed by the end of

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

2026.

Source: Company Fillings. Company Data 4



www.bayan.com.sg