Pt Bayan Resources TbkIDX: BYAN

Investor Updates 3Q25

· MarketScreener

Bayan Airport in Tabang site

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



  • 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 financial performance still generated healthy margins

    and profit levels.



    2024

    YTD

    3Q24

    YTD

    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

    Financial Ratios

    Gross Profit Margin (%)

    38.7%

    37.0%

    31.7%

    35.5%

    30.2%

    EBITDA Margin (%)

    39.3%

    37.3%

    33.0%

    37.1%

    33.3%

    Net Profit Margin (%)

    27.4%

    25.7%

    21.9%

    26.5%

    21.7%

    Net Debt to EBITDA (x)

    Net Cash

    Net Cash

    Net Cash

    Net Cash

    Net Cash

    Operational Statistics

    Overburden Removal (MBCM)

    257.5

    194.2

    223.8

    71.3

    91.5

    Strip Ratio (x) - based on production volume

    4.5

    4.9

    4.6

    5.0

    4.4

    Coal Production (MT)

    56.9

    40.0

    48.3

    14.4

    20.6

    Sales Volume (MT)

    56.2

    40.1

    49.5

    15.6

    17.2

    Average Selling Price (US$/MT)

    61.3

    61.5

    49.3

    60.1

    47.5

    Average Cash Costs (US$/MT)

    37.8

    39.2

    33.5

    38.4

    32.2



    1H25 Production

    • Bayan is ranked 3rd by sales

40 35.9 33.5

Million Tonnes

32 24 16 8 0 27.7 21.7 14.5 10.4 volumes and production in Indonesia based on 1H25 actual performance.

  • Bayan's 1H25 production and sales volumes increased by 8% and 31% over 1H24 levels.

    Bumi Adaro Bayan PTBA Kideco ITMG

    Source: Company Filings, Company Data

    1H25 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

    40 34.8 33.9

    Million Tonnes

    32 24 16 8 0 32.2 21.6 14.4 11.7

    expansion in 2024 and beyond.

  • This will allow Bayan to expand production at Tabang to more than 80 mtpa.

    Bumi Adaro Bayan PTBA Kideco ITMG

    Source: Company Fillings. Company Data



    Capex Intensity by Country (1) Tabang Capacity Growth

    • The Muara Pahu barge loading

250 200 150

40+

80+

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

130

159 161

175

207

218

facility which consist of 3 integrated lines of side dumps/crushers/conveyors and

barge loader were complete in the

100

2023 2024+

85

65 71

50

50

96 98 110

1Q24.

10 13 23

0

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)

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

    • Total expansionary capex in the region of US$ 460 million (2019-2026) for the Tabang Project including the 100km haul road, overland conveyors and barge

25 19.8 20 15 % 10 5 0 15.5 9.6 4.1

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