Dear Shareholders, On behalf of the Board, I am pleased to present Geo Energy’s Annual Report for the financial year ended 31 December 2025 (“FY2025”). This has been a landmark year with record-breaking coal sales and excellent production, marked by significant advancements in our integrated infrastructure and strategic vertical integration that will define our future as a regional energy and logistics leader. RECORD OPERATIONAL PERFORMANCE AMID MARKET HEADWINDS FY2025 has been a defining year for our coal sales and production capabilities. Coal sales reached a record sales volume of 12.8 million tonnes, representing a remarkable 62.0% increase from 7.9 million tonnes in FY2024. This achievement underscores the strength of our production capabilities and executional discipline, with the Group’s coal output reaching 12.5 million tonnes in FY2025, surpassing our production target of 10.5-11.5 million tonnes. Our financial results reflect this operational strength. Revenue surged 40.0% to US$562.7 million, despite a softer Indonesian Coal Index Price for 4,200 GAR (“ICI4”), which averaged at US$46.07 per tonne in FY2025. Our resilient cost model continues to prove its value, with certain production costs linked to ICI4. In FY2025, our average cash cost per tonne decreased to US$34.10 due to lower ICI4 and lower mining strip ratios at our SDJ, TBR, and TRA coal mines. The Group remains focused on driving cost efficiencies through continuous optimisation of our mining plan. Consequently, the Group’s profit before tax increased to US$49.1 million. ADVANCING TOWARDS OUR BILLION-DOLLAR BUSINESS VISION A cornerstone of our roadmap of becoming a billion-dollar business and beyond is the PT Marga Bara Jaya (“MBJ”) Integrated Infrastructure project, which involves the development of a 92km hauling road and an associated jetty in South Sumatera. This is a transformative initiative designed to unlock production growth in PT Triaryani (“TRA”) coal mine, improve its logistical efficiency, and diversify the Group’s revenue streams as an infrastructure provider. Throughout 2025, construction of the MBJ Integrated Infrastructure progressed significantly. As of the date of the annual report, MBJ has achieved 80% completion and remains on track for completion in June/July 2026. The MBJ Integrated Infrastructure is the “key” to unlocking the massive reserves at our TRA coal mine which has a low ash and low sulphur coal quality. During the year, the Group has done the additional drilling and exploration at TRA mining concession and increased its 2P reserves to 314 million tonnes. The completion of the MBJ Integrated Infrastructure will enable us to progressively ramp up TRA coal production to 2025 million tonnes per annum, achieve significant cost savings of over US$10 per tonne in coal transportation, as well as diversify and generate recurring revenue stream as an infrastructure provider to third party road users. STRATEGIC VERTICAL INTEGRATION AND ASSET OPTIMISATION The Group has also taken steps to enhance our logistics supply chain and optimise our portfolio assets. The Company had completed the acquisition of 51% stake in two established Indonesian shipping companies - PT Trans Maritim Pratama (“TMP”) and PT Bahari Segara Maritim (“BSM”) in January 2026, after obtaining shareholders’ approval. The acquisition will enable the Group to enlarge its asset base which will strengthen future earnings contribution. TMP and BSM have a ready shipping business with successful track record of almost 10 years, which will allow us to scale up quickly to support the Group’s growing production at the TRA coal mine. More importantly, this strategic acquisition is synergistic to the Group’s business model in the energy sector, complementing our coal production and Integrated Infrastructure business activities, increase operational reliability, reduce transportation costs, enhance service offerings and expand the Group’s customer base across various commodities-related markets in Indonesia. Simultaneously, we continued to streamline our operations through the disposal of non-core assets, including the PT Bumi Enggang Khatulistiwa and PT Surya Tambang Tolindo coal mines, allowing us to focus our resources on our high-growth business activities. SUSTAINABILITY AND SHAREHOLDER VALUE Sustainability remains at the heart of our decision-making process, and we believe that being a responsible energy producer is essential for long-term value creation. As part of the MBJ Integrated Infrastructure development, we are exploring initiatives such as EV-hauling ecosystems and solar power integration to enhance energy efficiency and minimise our environmental footprint. We believe that long-term success is built on a foundation of responsible operations, job creation and improved quality of life for the local communities, while continuing to uphold the highest standards in safety, compliance, and corporate governance. Our commitment to rewarding our shareholders remains steadfast. To-date, total shareholder’s return was around 76%1 from 2 January 2025 to 24 March 2026, underscoring investors’ confidence in Geo Energy’s growth trajectory. We have continued to declare dividends to our shareholders even as we fund the most significant capital investment phase in our Group’s history. LOOKING AHEAD The global energy landscape continues to evolve, but coal remains a critical component of energy source, particularly in our key markets of China and Indonesia. Through the development of the MBJ Integrated Infrastructure and the ramping up of TRA coal production capacity, we are building a platform that will enable us to make the most of any opportunities arising from the strengthening coal market. A WORD OF APPRECIATION I would like to express my sincere appreciation to our Board members, management team, employees, partners, customers and shareholders for their continued trust and support. Your confidence in us remains the cornerstone of our progress as we move forward with determination and a shared commitment to delivering our strategic priorities. Our journey is defined by growth, transformation and the creation of sustainable value for all stakeholders. Guided by a strong operational foundation and supported by a dedicated team, we remain focused on expanding responsibly and strengthening our capabilities in the future. As we continue to build on these solid foundations, we are confident in our ability to transform our ambitions into meaningful results. Dato’ Charles Antonny Melati Group Executive Chairman and CEO 25 March 2026 1 Based on share price of S$0.290 as of 2 January 2025 and S$0.50 as of 24 March 2026 (includes total dividend of 1.05 SG cents per share paid during this period). 03 GEO ENERGY | ANNUAL REPORT 2025
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