Pt Bayan Resources TbkIDX: BYAN

Investor Updates 4Q25

· Issued by Pt Bayan Resources Tbk

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



  • Operationally, 2025 has seen significant improvement over the same period last year with an approximate 20-26% increase in coal production and sales volume.

  • Overall, 2025 financial performance was lower than Budgeted across all financial matrix. This is principally due to lower market prices than Budgeted which has led to lower realized ASP, EBITDA and NPAT.

  • Despite this, 2025 financial performance still generated healthy margins

    and profit levels.



    4Q24

    4Q25

    2024

    2025

    Financial Performance

    (In Million USD)

    Revenue

    976.6

    987.7

    3,446.2

    3,427.6

    Gross Profit

    418.1

    332.9

    1,332.8

    1,106.3

    EBITDA

    434.8

    355.6

    1,355.0

    1,160.9

    Net Profit After Tax

    308.3

    250.3

    943.4

    784.1

    Financial Ratios

    Gross Profit Margin (%)

    42.8%

    33.7%

    38.7%

    32.3%

    EBITDA Margin (%)

    44.5%

    36.0%

    39.3%

    33.9%

    Net Profit Margin (%)

    31.6%

    25.3%

    27.4%

    22.9%

    Net Debt to EBITDA (x)

    Net Cash

    Net Cash

    Net Cash

    Net Cash

    Operational Statistics

    Overburden Removal (MBCM)

    63.3

    81.4

    257.5

    305.2

    Strip Ratio (x) - based on production volume

    3.7

    4.1

    4.5

    4.5

    Coal Production (MT)

    16.9

    19.7

    56.9

    68.0

    Sales Volume (MT)

    16.1

    21.3

    56.2

    70.8

    Average Selling Price (US$/MT)

    60.6

    46.3

    61.3

    48.4

    Average Cash Costs (US$/MT)

    34.1

    30.0

    37.8

    32.5



    YTD 3Q25 Production

    • Bayan is ranked 3rd by sales

60 54.9 51.5

Million Tonnes

50 40 30 20 10 0 48.3 35.9 22.2 15.4

volumes and production in Indonesia based on YTD 3Q25 actual performance.

  • Bayan's YTD 3Q25 production and sales volumes increased by 21% and 23% over YTD 3Q24 levels.

    Bumi Adaro Bayan PTBA Kideco ITMG

    Source: Company Filings, Company Data

    YTD 3Q25 Sales Volume

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

    60 54.5 52.7 49.5

    Million Tonnes

    50 40 30 20 10 0 33.7 22.2 17.9

    • 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 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 loader were complete in the 1Q24.

    100 50 0

    2023 2024+

    50

    10 13 23

    85

    65 71

    96 98 110

  • 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-

    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