We are honored to have Pak Donny, Director and CFO of Bumi; Pak Andrew, Director and COO of Bumi; and also Pak Chris, Director of Bumi Resources, today doing this call with us. As usual, Pak Andrew will do a rundown of the business update for the first half 2026.

Then, we will move into a question-and-answer session. Pak Andrew, please go ahead.

Actually, it's Pak Chris. No, I'll kick off with production and just a comparison of the first half compared to last year.

Then we'll run through that, and then we'll pass on to operational side to Andrew, and then we'll get into financials with Pak Donny, if that's okay. Thank you, everyone.

Welcome, good evening and good morning, wherever you are. Going to production, comparisons of first half of 2025 to 2026, as you can see on the chart here, overall coal mined increased, which we have mainly due to efficiencies and performances with contractors that are in Arutmin, while KPC has been performing well and is stable as we've reported.

The numbers show slight increases, which is positive for us. FOB price, we also see some increases there, and this is reflected in prevailing coal market conditions, which is quite positive at this stage.

The forward curve, which we'll show later, we still see that continuing at this stage. Production costs, as expected, and I think the market is no surprise that we've seen some higher fuel prices, which have been reflected in the numbers here.

That's affected globally with the war in the Middle East. Right.

If we run through in terms of 2026 guidance, and the averages here in terms of sales, we can see a breakdown of KPC and Arutmin, and the ranges for those two companies, those two mines, where we have in total averages of 82 to 84 tonnes per annum combined in terms of sales. FOB, we're looking at between 60 and 62 averages between both KPC and Arutmin, while our costs are actually reflected at a very consistent in terms of KPC at 44 to 46, and Arutmin 38 to 40, which gives us averages of 42 to 44 in terms of our costs.

If we run through and you can see the next slide, thanks Norman. I'm moving too fast, please let me know.

In terms of international coal prices, you see the graph here. We're certainly nowhere near the highs of 2022 to 2023, but performance-wise we're happy with, and we're above the 2017 to 2021 index.

We see that continuing. This is also reflected in the next slide, where we see the forward estimates, and we see this continuing in a positive terms for us.

You look through in terms of the operational? Thanks.

Thank you, Chris. From an operational point of view, as we said, it's the same first half as last year, for the first half being around 216 million bcm, and coal sales were slightly up at 25.2 million tonnes compared to 24.6 million in the same time last year.

Prices, though, you can see also jumped about almost $3 from last year, and our industry is slightly lower. Arutmin is where the big increases come, although overburden increased slightly, that you can see coal mined and coal sales have increased quite substantially.

That's been because of the weather, less rain, and I'll show you that in the next graph, but also the stage of the development of the mine has allowed us to get more into the coal and not just opening up the mines. We're now mining at steady state.

We're getting a much better performance from Arutmin. FOB prices are also up, slightly about 3% compared to last year.

Typically, Arutmin sells a bit less because it has more domestic coal sales, and, of course, they're capped at that $70 a ton, which lowers. Overall, we're pretty much in line with overburden removal.

Strip ratios are lower now because of Arutmin, and coal sales are up. It should be actually slightly higher than at 38 and 35 38.5, and sales of 38.8.

Next slide, please. You can see the rainfall against long-term averages and five-year averages.

The dark green is the actual, and you can see KPC pretty much in line, especially for the second quarter. For Arutmin, you can see that the benefit we've got is in that second quarter or even from March onwards.

Only really May touching anywhere near the average. The rest of the time has been pretty good, and hence why you've seen that increase in production, and hopefully that continues the rest of the year.

Next slide, please. Overburden removal, as I said, was pretty much in line, but really Arutmin has been slightly up and KPC slightly down, but not by much.

Coal mined has increased, with KPC about the same, but Arutmin increasing as mentioned. Next slide, please.

Production cost-wise have slightly increased because of the fuel prices, which was affected by the war. We're now seeing those prices come down off the highs, and the fuel prices, and we hope that will continue, especially if the war can finish.

You should see an improvement in the costs as we report the third quarter, assuming that continues. FOB prices, as we said, have been up, rising and around $129 to $130 per ton for Newcastle at the moment.

Hopefully that will continue into the rest of the year. Typically, this is the worst part of the year during the season, but that's being maintained, hopefully the third and fourth quarters you'll see a slight increase in prices as more demand comes back in as the winters in both China and in Northern Hemisphere come in.

Next slide, please. Bumi's average selling prices have been up for export coal, and excluding coal from $69 to $73, and even with Indo coal, some coal has been being able to be sold abroad, and we have an increase there as well.

Overall, we're at $62.90 against $61.30 last year. Next slide, please.

Production costs, as I've mentioned, were slightly up because of fuel prices, overall at $43. You can see that fuel price in the graph below how much it's increased from March to April, May, June.

As I said, at the moment, we see in July prices coming down, and August has maintained that as well. With confidence that costs will be down in the third quarter, unless there's any unforeseen sudden spikes.

Next slide, please. These are the financials.

I'll hand over to Pak Donny.

Thank you, Pak Andrew. First half, we see that it's we got the better revenue by 28%.

This is mainly because of the increase in coal mined and coal sales, and as well as the increase in plant in price compared to the first half 2025. The increase is also happened in cost of revenue and operating profit.

Interest expenses are quite high. This is because we are starting to incur expenses interest expenses from the bonds that we are issuing since second half of last year.

Other income is up by 500%. This is mainly because of better performances in KPC this year.

We got like $28 million higher equity pick-up this year this first half of year compared to last year. Income tax, of course, and profit-sharing increased in line with the increase in revenue.

All in all, profit for the period is up by 87%. We are now at 90 $72.3 million as opposed to the first half last year at $38.6 million.

Balance sheet-wise, total assets is up by around $300 million. This is mainly because the increase in the current assets due to the amount of bond and loan that we obtained during Jan to June this year by around $200 million.

$100 [million?] is by Bumi alone, and $100 [million?]

is increase in BRMS on the loan that they are taken up from Bank of [unclear] to develop their mines. Total liabilities accordingly increased in the same amount, around $300 million.

Equity is up because of the increase in the profit for the period. Next slide, please.

These are illustration of what our financial statements look like if we are consolidating KPC. Ladies and gentlemen, as you are aware, we are not currently consolidating KPC in accordance with PSAK 111.

This is to show you what our numbers look like when we are consolidating KPC. As we can see, it's more or less similar with the previous slides.

There was increase in revenue, gross profit. Interest expense also increased because of the interest expense that we incur.

All in all, profit for the period is up by 115% from previously $52.1 million compared to this first half of $111.2 million. Balance sheet-wise, we are good this year.

As in the previous slide, our current ratio is now at a very excellent above 1 ratio. Next slide, please.

This is a side-by-side comparison. On the left number, you see that if we are consolidating KPC 100%.

On the right is the number that we are currently reporting in accordance with PSAK. Next slide, please.

I think I have explained this in the earlier slide. Next slide, please.

On the EBITDA, the consolidated EBITDA increased by 39%, driven mostly by higher sales volume and lower effective royalty rate. In last 12 months, the royalty rate now is around 17%, while last year we are at 23%.

We got quite a lot of saving from the effective royalty rate that's changed since the April 2025 last year. Equity is up by 2%, this is mainly due to the increase in net income.

Next slide, please. This is the breakdown of our consolidated adjusted EBITDA on the 100% basis if we are consolidating KPC.

For the last 12 months EBITDA, we are at $656.8 million, while if we are using PSAK-based EBITDA, our LTM is at $393.5 million. Next slide, please.

This is the cash balance as of 30th of June 2026. Total cash balance are at $376.9 million.

At KPC, cash on hand and bank and royalty deposit at $11.14 million, while at Arutmin is $51.68 [million?] .

There is a CDE or certificate fund in KPC at around $63.35 [million?] , mine closure deposit at KPC $62.4 [million?]

. In Arutmin, there is a mine closure and deposit at $101.42 [million?]

. Including Bumi cash and cash equivalent at $86.9 [million?]

, the total cash and cash balance as 30th of June is $376.9 million. Next slide, please.

I hand over to Pak

Chris. Good.

Thank you very much, Pak Donny. As we report on each update, quarterly update, and half-yearly update, we talk about ESG data.

Here we have the comparisons, which is very straightforward. A lot of this is obviously related to regulatory requirements, although in terms of the group, we believe we excel in this area.

It's straightforward in terms of our ESG expenditure, reclamation, trees planted, safety performance, gas emission reductions, we are very consistent in how we report them and how we monitor them. What we have been doing, and this has been reported in previous quarters, that we have been doing a lot of work in the last 12 months in strengthening our ESG in terms of Bumi Group, and this has been predominantly related to our transition and diversification.

We have begun extensive work on IFRS S1 and S2, which will be a requirement next year with OJK. We have elected to start this 1 year earlier, and we'll report this in the 2026 sustainability report and its own report, the IFRS S1 reporting document that will come out.

This completely relates to company's sustainability and financial risks related to climate change, and it encapsulates, as I said, not just our thermal coal, but our non-thermal coal business units, and we'll be talking more about that as we move forward. Thank you.

We don't normally go through the KPC and Arutmin details, but Norman, do you mind just going to the end, because we have the last slide. It's just got moved around.

Apologies for that. Just to update you guys on the gold and copper.

We are producing now at Wolfram, one of the mines that we acquired late last year. We've started in May and are producing in June.

These are the numbers. The ore mined is 27,000 tonnes.

Recoveries are slightly low at the moment, and that's because we're using stockpile as well that's going into the feed of the processing plant. We're probably only giving about $8 [million?]

to $9 million of revenue as of June, but if you'll see those over the next month or two in August, September increasing quite substantially up to about above 80% as the run-of-mine ore from the actual mine itself becomes a bigger percentage of the feedstock for the processing plant. We just wanted to make sure you're aware that that's all going on at the moment, and we should expect very good earnings over the second half of this year.

I think we've also touched on that. We've also previously stated that we expect by the end of this year to have, as Pak Andrew said, greater detail in terms of our diversification into, in particularly Australia, and the upside to that, which we expect to be extremely positive for us.

We'll hand that back to you, Norman, and we should go to questions.

Thank you, Pak Andrew. Thank you, Pak Doni.

Thank you, Pak Chris. Ladies and gentlemen, we will be moving to Q&A session.

You can either type a question that you have into the Q&A box, or you can use the raise your hand function, then I'll unmute your line. I think the audience are still warming up, I'll ask my question first.

Actually, a lot of people are asking on this coal RKAB, and I'm just wonder to ask from your perspective, we have seen a lot of coal companies, including yourself, second-quarter production has been picking up. I'm just wondering what's your view on the second-half production outlook and also, in terms of pricing, what's your expectation with this RKAB coming?

I think we see our production, as we've told you, 82 to 84 million tonnes. We have all our RKAB approved and in line, and also our domestic sales of 25%.

Prices, we think will stay pretty steady at the moment. I don't see anything changing, although the war may finish, which may take a bit of risk off the price.

There will be increased demand, as I mentioned. I think prices should be pretty stable, and we should see our production in line with what we've talked about.

I see. In terms of first half versus your full-year production, how much was the achievement again, sorry?

You had 38 million tonnes for the first half. Hang on, let me just get the slide in front of me so I get it right.

We had 38.9 million tonnes as of June, but we should be at 82 to 84. We need to increase over the second half of the year.

I see.

By about, what, 42 to 41, 42 million tonnes in total from KPC and Arutmin.

Got it. Marisa has wanted to ask a question.

Please go ahead.

Yes. Thank you for the presentation.

Maybe some follow-up question on the RKAB. Is there any additional requirement when you want to revise up your RKAB regarding the coal supply or DMO to PLN?

May I know what is the current coal percentage of the volume supplied to PLN? Thank you.

We're not aware of any increased requirement from KPC or Arutmin, and we're at around 25% already for the first half this year.

Thank you.

Thank you, Marisa. Hey, while waiting for the next question, but allow me to chip in another one from my own, yeah.

Could you remind us on the governance side of things on Bumi, since you mentioned there's rising borrowing costs, is Bumi free to do financing at this point? What's the latest in terms of the covenant on debt?

I'll answer that. Basically, Norman, our taken-up loan is coming from local bonds.

There are no specific covenant or financial obligation that we have to fulfill to be in compliance with the bond requirement, so as long as we pay the interest and principal. By the way, we already fully paid our first phase of one-year tenor bond in full back in early June this year.

All things are looking good for us.

I see. There's totally no restrictions in terms of financing.

It's just back to the normal Okay. Okay.

Thanks. Benjamin question is in terms of Wolfram and Jubilee's production, what is the guidance of the production for both of these two?

What can we expect?

What we said is between 10 to 15,000 tonnes of copper equivalent by the end of the year. So 10,000, 15,000 of tonnes in copper equivalent at the moment.

10, 15,000 copper equivalent. Would you be able to split it into how much would be the gold, Pak Andrew?

I wouldn't have that straight out at the moment, and I'd have to give you the numbers for the things.

As we'd

like to keep it copper equivalent, I'm afraid, yes. Okay.

Okay.

Can I add, Norman, to that question is look, this is going to be our first reporting period for Wolfram and our operations in Australia. Look, as we've had the sentiment internally is positive.

As we've reported, Wolfram is operating, and it started with the stockpile. It's now going to mined ore, and that will continue and grow.

JML is not producing at this stage, and we've reported that in the past, and that's still in construction, but it's all in terms of our projection. We're very comfortable and confident that we're going to meet our targets and it's going to have a positive outcome to Bumi.

Sure. Thanks.

Thank you, Pak. Questions from Pak Ariyanto: How much interest-bearing debt does KPC currently have?

That's the first question.

At the moment, I don't think KPC has any financing debt on its books. I thought even the equipment leases have now finished now, yes?

That was the old one, I'm pretty sure it's zero at the moment. 100%.

From a consolidated point of view, for

sure we have no third-party interest-bearing debt. Second question: Can you share the group's plan on non-coal expansion?

Do you see more investment opportunities? If so, could you share what sector are you currently interested in?

Yes. Look, again, as stated, we've reported this previously, and particularly in terms of our EBITDA earnings moving forward, we have come out with a projection of 50% or greater from non-thermal coal within 5 years or 5 years' time.

We believe we will hit that target. It will be predominantly focused on copper, gold resources in Australia.

As we've also mentioned, there is an interest in bauxite, and we will report on that as that progresses. At this stage, and it is no secret, there's been some media and the market knows about another acquisition in Australia.

We have not made any announcements on that as that deal has not been finalized, but we will be obviously making announcements when it becomes material, anything else becomes material. We expect in this part, the back half of 2026, that there will be some further positive news supporting the diversification on non-thermal coal.

Okay. I hope that answers your question, Pak Ari.

Next question is from Nirwan: Are you seeing any meaningful shifts in coal demand from China, India, Southeast Asia, or other export markets? What is the coal market dynamics that you're seeing now?

I don't think we're seeing a major shift. I think still India, China, Philippines, and Japan are our major markets.

They're still always, I think, will always be. The freight advantage we have over Australia helps with that, and I believe I don't see any of them changing drastically over the next few years.

Sure. Thanks.

Follow-up questions by Marisa: Is it still profitable to sell to PLN, and how is the payment term? Do you plan to have any coal asset acquisition in the future, both domestic and overseas?

From

PLN point of view, yes, we still make money with PLN. We just don't make as much, and even though the price is right, 25% of our coal is locked in at this $70 benchmark price.

From a point of view of do we see any more acquisitions in thermal coal, as I think Chris mentioned, our plan is to diversify our risk profile and into non-thermal coal, and we see that that's where we are, but we don't expect to go anywhere else.

I think it's very clear that, looking at our reported and our EBITDA earnings moving forward, we're looking at over 50% coming from non-thermal coal, so that in itself tells the story about the future.

Okay. Thank you.

Next one is follow-up by Pak Ari again: At the KPC level, he see around $48 million of interest expense. Could you clarify where does this interest expense come from?

I don't know where he's looking at, what numbers he's looking at. It might be 2025, but I'm not sure.

At the moment, we have no interest-bearing debt at KPC level. That's the intercompany.

That's the intercompany. From a consolidated point of view, for sure we have no third-party interest-bearing debt.

If he wants to email us or respond directly, no problem.

Okay. I have questions on this Danantara Sumberdaya, the export control.

Could you share with us from your observation what has changed so far in terms of the processes and what is your expectation going forward on the export control mechanism?

Export control.

Yeah.

Danantara Sumberdaya.

Yeah.

As a matter of fact, Danantara Sumberdaya, we are currently not aware of any implementation regulation that's being announced by the government, this is merely just a news that we heard. OJK also, I think, asking the same question to us actually, and our answer is currently the same, basically, Norman, that we are not aware of any implementing regulation how to act on this new Danantara Sumberdaya Indonesia thing.

I think, as usual, we will always follow what the government is instructing us to do, but until this moment, there are no implementing regulation that we are required to follow at this point.

I see. For now, it's just business as usual.

Okay.

Yeah. Yeah.

Got it. Hey, see if there's any more follow-up questions.

I think there's no more questions from the audience, Pak Andrew, Pak Chris, Pak Donny. Do you feel like we left out anything that you wanted to add before we close the session?

No, look, I think we can leave it with this, our projections for 2026 are positive. We don't see, as Pak Donny mentioned, we don't see the impact of the rumors, and they are rumors at this stage.

There is no policy on any changes that we see will impact the companies. We're focusing on our transition, our diversification, while at the same time, as you can see, we've talked about cost savings and performance of our mines in Indonesia, and they've been reflected in our numbers also.

I can say, look, I think that things are looking good for us, and we're very positive.

Okay. Thank you, Pak Chris.

Thanks again, Pak Andrew and Pak Donny. With that, we'll close the call.

Bumi result first half is actually very, very good. A big congratulations.

I think second half will be even stronger. Thank you everyone, have a good evening.

Thank you,

everyone.

Thank you, everyone. Thank you, Norman.