External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

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Equity Bottom-Up

<ul><li>FY25 results reflect strong volume-led growth despite pricing and tax headwinds.</li><li>Geo Energy reported FY25 revenue of US$562.7mn (+40% YoY), driven by a 62% increase in sales volume to 12.8Mt (FY24: 7.9Mt).</li><li>Profit before tax rose 95% YoY to US$49.1mn, while net profit increased 26% YoY to US$27.5mn, demonstrating the Group’s ability to scale operations and deliver earnings growth despite weaker coal prices and a higher effective tax rate under Indonesia’s HPB-linked framework in 2H25.</li></ul>

FY25 results reflect strong volume-led growth despite pricing and tax headwinds.Geo Energy reported FY25 revenue of US$562.7mn (+40% YoY), driven by a 62% increase in sales volume to 12.8Mt (FY24: 7.9Mt).Profit before tax rose 95% YoY to US$49.1mn, while net profit increased 26% YoY to US$27.5mn, demonstrating the Group’s ability to scale operations and deliver earnings growth despite weaker coal prices and a higher effective tax rate under Indonesia’s HPB-linked framework in 2H25.

Geo Energy Resources Ltd: Execution-Driven Inflection Amidst Current Coal Upcycle

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

<ul><li>Geo Energy Resources Limited was established in 2008 and listed on the Mainboard of the Singapore Exchange in 2012.</li><li>The Group is one of the major coal producers in Indonesia, mainly producing coal characterized by its low ash and sulphur contents.</li><li>The Group is also developing an integrated infrastructure project where excess capacity will be leased to create an additional revenue stream.</li></ul>

Geo Energy Resources Limited was established in 2008 and listed on the Mainboard of the Singapore Exchange in 2012.The Group is one of the major coal producers in Indonesia, mainly producing coal characterized by its low ash and sulphur contents.The Group is also developing an integrated infrastructure project where excess capacity will be leased to create an additional revenue stream.

Geo Energy Resources Ltd: Production Ramp Up Alongside Infrastructure Expansion

<ul><li>Company Update:23 December 2025 Strong 3Q25 sales volume amid pricing headwinds.</li><li>Geo Energy reported a 100% YoY surge in sales volume to 3.4Mt in 3Q25, driving revenue to US$136.6mn, a 62% YoY increase.</li><li>However, net profit declined 55% YoY to US$3.2mn due to softer ICI4 coal prices averaging US$42.10/tonne down from US$51.64/tonne in 3Q24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update:23 December 2025 Strong 3Q25 sales volume amid pricing headwinds.Geo Energy reported a 100% YoY surge in sales volume to 3.4Mt in 3Q25, driving revenue to US$136.6mn, a 62% YoY increase.However, net profit declined 55% YoY to US$3.2mn due to softer ICI4 coal prices averaging US$42.10/tonne down from US$51.64/tonne in 3Q24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in 3Q25...

<ul><li>Company Update:10 June 2025 Strong first quarter sales volume.</li><li>Geo Energy reported a 94% YoY surge in sales volume to 3.5Mt, driving revenue to US$166.4mn and net profit to US$14.1mn, despite softer ICI4 coal prices.</li><li>Its cash profit margin dipped to US$11.16/tonne, reflecting pricing pressures.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update:10 June 2025 Strong first quarter sales volume.Geo Energy reported a 94% YoY surge in sales volume to 3.5Mt, driving revenue to US$166.4mn and net profit to US$14.1mn, despite softer ICI4 coal prices.Its cash profit margin dipped to US$11.16/tonne, reflecting pricing pressures.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in the First Quarter

<ul><li>Infrastructure expansion and cost efficiency. Geo Energy’s US$150mn investment in the MBJ Integrated Infrastructure Project is on track for completion by 1H26.</li><li>The project includes a 92km hauling road and jetty, which will reduce transportation costs by over US$10 per tonne and double production capacity to 25Mt per year.</li><li>Additionally, third-party leasing of the infrastructure is expected to create additional revenue streams, enhancing long-term cash flow and profitability.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infrastructure expansion and cost efficiency. Geo Energy’s US$150mn investment in the MBJ Integrated Infrastructure Project is on track for completion by 1H26.The project includes a 92km hauling road and jetty, which will reduce transportation costs by over US$10 per tonne and double production capacity to 25Mt per year.Additionally, third-party leasing of the infrastructure is expected to create additional revenue streams, enhancing long-term cash flow and profitability.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geo Energy Resources Ltd (GERL SP/RE4.SI): Resilient Performance Amid Coal Market Volatility.

Singapore

Geo Energy Resources is an established coal mining group operating in Indonesia, focusing on low-cost production of premium coal with low-ash and low-sulphur characteristics. The company's core activities include owning and operating coal mines, providing mining contracting services, and trading coal. Headquartered in Singapore, the company was established in 2008.

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Geo Energy Resources (GERL SP)

Geo Energy Resources Ltd: Execution-Driven Inflection Amidst Current Coal Upcycle

FY25 results reflect strong volume-led growth despite pricing and tax headwinds. Geo Energy reported FY25 revenue of US$562.7mn (+40% YoY), driven...

KGI Securities

Geo Energy Resources Ltd: Production Ramp Up Alongside Infrastructure Expansion

Geo Energy Resources Limited was established in 2008 and listed on the Mainboard of the Singapore Exchange in 2012. The Group is one of the major...

uSMART Securities

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in 3Q25...

Geo Energy reported a 100% YoY surge in sales volume to 3.4Mt in 3Q25, driving revenue to US$136.6mn, a 62% YoY increase.

KGI Securities

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in the First Quarter

Geo Energy reported a 94% YoY surge in sales volume to 3.5Mt, driving revenue to US$166.4mn and net profit to US$14.1mn, despite softer ICI4 coal...

KGI Securities

Geo Energy Resources Ltd (GERL SP/RE4.SI): Resilient Performance Amid Coal Market Volatility.

Infrastructure expansion and cost efficiency. Geo Energy’s US$150mn investment in the MBJ Integrated Infrastructure Project is on track for...

KGI Securities

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