BYAN - Integrated Low-Cost Coal Champion

KBVS Update
Wednesday, 1 July 2026

BYAN – Integrated Low-Cost Coal Champion
(Non-rated)

■ BYAN is Indonesia's third-largest thermal coal producer by volume and among the most operationally integrated in Southeast Asia, leveraging record-scale production and proprietary pit‑to‑port logistics chain to deliver structurally low costs and resilient margins.

■ The integrated operations allow for more efficient tonnage delivery, resulting in low cost (FY25 cash cost: USD32.5/MT against guidance of USD39.1/MT).

■ In 1Q26, BYAN reported declines in both top and bottom line at -0.5% YoY and -16.9% YoY amid multiple obstacles; nonetheless, the company managed to book EBITDA of USD285.6 mn, beating its own estimate of USD247.0 mn.

■ Going forward, a firmer pricing backdrop for coal, together with BYAN’s cost and logistics advantages, should provide additional tailwinds for the company.

Regards,
Adolf R B Setiadi – KBVS Research Team