Broker Name: Maybank Research Pte Ltd

Date of Report: March 2, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary
• Bumitama Agri’s FY25 core PATMI grew strongly (+28% YoY), driven by higher CPO and PK average selling prices, offsetting flat fruit output and administrative charges in Indonesia.
• The company targets up to 5% YoY FFB growth for FY26, but expects unit cash production costs to rise 5-10% due to higher labor and fertilizer costs and a weaker IDR. Maybank trimmed FY26-27 profit forecasts by 3-4% and maintains a HOLD rating, citing a high dividend yield and solid payout.

above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website: https://www.maybank-keresearch.com