* Excludes one-time gain on sale of rights to receivables in 2024 of US$18 million before taxes (US$15.4 million net of tax). The Group achieved an excellent coal production of 12.5 million tonnes in FY2025, which exceeded its target coal production of 10.5-11.5 million tonnes. Total coal sales increased 62.0% to 12.8 million tonnes in FY2025 (FY2024: 7.9 million tonnes) despite challenging weather conditions, with increased contribution from its PT Tanah Bumbu Resources (“TBR”) coal mine and growing contribution from its PT Triaryani (“TRA”) coal mine. Corresponding to a strong increment in total coal sales, revenue surged 40.0% to US$562.7 million in FY2025 (FY2024: US$401.9 million) despite lower average Indonesian Coal Index Price for 4200 GAR (“ICI4”) of US$46.07 per tonne in FY2025 (FY2024: US$53.93 per tonne). The Group’s cash cost per tonne for FY2025 was at an average of US$34.10 (FY2024: US$40.32) due to the Group’s resilient cost model where its cash cost decreases in tandem with lower ICI4 as well as lower mining strip ratios at the SDJ, TBR and TRA mines. The Group continues to implement cost efficiency initiatives through the ongoing optimisation of its mining plan. The Group’s cash profit per tonne for FY2025 was US$10.02 (FY2024: US$10.37) mainly resulting from the lower ICI4, partially offset by the lower cash cost per tonne. The Group nearly doubled its profit before taxes to US$49.1 million (FY2024: US$25.2 million*) mainly driven by the increase of sales volume. Net profit performance in FY2025 takes into account the higher tax expense of US$21.6 million mainly attributable to the higher Harga Patokan Batubara (“HPB”) Indonesia coal benchmark prices over the Group’s actual selling prices based on ICI4. Under the Indonesia Government Regulation No. 18 year 2025, the applicable taxable income is derived from the higher of actual selling prices and HPB prices. 2025 REVENUE (2024: US$402M) US$563M +US$161M (2024: US$82M) 2025 CASH PROFIT US$128M +US$46M (2024: US$22M)* 2025 NET PROFIT US$28M +US$6M 22
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