PT Bayan Resources Tbk : Investor Updates 3Q25

About this update from Pt Bayan Resources Tbk

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 Based on 2012 real dollars US$460m Capex...

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