PT Buma Internasional Grup (DOID) investor relations material

Executive summary

• Q1 2025 revenue declined 17% YoY to US$352M, with a net loss of US$70M, driven by operational disruptions, higher costs, and site closures.

• EBITDA dropped 82% YoY to US$14M; adjusted EBITDA (excluding one-off costs) was US$28M.

• Major US anthracite mining acquisition completed in June 2024, contributing US$32.4M in revenue and a US$6M loss in Q1 2025.

• New business wins included the first cut at Persada Kapuas Prima and a two-year contract extension at Goonyella Riverside Mine in Australia.

• Significant capital market activities included a US$1B facility syndication, record Rp2T Sukuk issuance, share buybacks, and new debt issuances.

Financial highlights

• Net loss of US$70M, primarily due to a US$66M EBITDA decrease.

• Free cash flow was negative at -US$19M, mainly from increased capex, which rose 59% YoY to US$64M.

• Cash position stood at US$231M, up 9% from December 2024.

• Net debt increased to US$862M, with net debt/EBITDA at 3.47x, below covenant limits.

• Total assets as of March 31, 2025 were US$1.57B, with total equity at US$110.9M.

Outlook and guidance

• FY 2025 guidance: overburden removal of 530–580 MBCM, coal production of 85–90MT, revenue of US$2,000–2,110M, EBITDA of US$415–480M, and capex of US$250–275M.

• Guidance includes Dawson Mining Complex financials for H2 2025.

• Management targets to reduce thermal coal revenue to below 50% by 2028, focusing on diversification into future-facing commodities.

• Ongoing expansion into international markets and new mining assets expected to support long-term growth.