Pt Merdeka Battery Materials Tbk · IDX:MBMA
Pt Merdeka Battery Materials Tbk — FY2025 Earnings Presentation
22 slides from Pt Merdeka Battery Materials Tbk's earnings presentation, Apr 1, 2026
Slide 1: Full Year 2025 Financial Results
MERDEKA GROUP Full Year 2025 Financial Results 1 April 2026 2025 Financial Results Presentation
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by PT Merdeka Copper Gold Tbk (“Merdeka” or “MDKA”), PT Merdeka Gold Resources Tbk (“EMAS”), and PT Merdeka Battery Materials Tbk (“MBMA”) consists of written materials/slides for a presentation concerning Merdeka. By reviewing/attending this presentati
Slide 3: FY 2025 Highlights
FY 2025 Highlights Financials Project Update Pani Gold Project MDKA MBMA PT Merdeka Gold Resources Tbk (“MGR” or “EMAS”) commenced heap leach operations at 8 Mtpa, with a planned expansion to 10 Mtpa after 2026, and plan to start Carbon-in-Leach at 12 Mtpa from 2028. In March 2026, MGR (via PETS) co
Slide 4: Nickel Mining Operations
Nickel Mining Operations Ore Mined (million wmt) Ore Sales1 (million wmt) +44% +47% 21.6 23.4 7.0 6.6 15.0 15.9 4.9 4.9 9.6 7.6 7.2 14.7 6.0 1.8 16.8 2.0 2.4 4.3 3.2 3.7 10.1 3.5 2.0 11.0 1.3 1.2 5.6 1.5 7.8 4.7 1.3 1.8 2.5 2.8 4.0 2.1 1Q25 2Q25 3Q25 4Q25 FY2024 FY 2025 1Q25 2Q25 3Q25 4Q25 FY2024 FY
Slide 5: Nickel Processing Operations
Nickel Processing Operations NPI Production 1 (tonnes) NPI Sales (tonnes) -10% -10% 82,161 80,199 73,871 72,106 19,819 21,008 16,297 16,748 19,819 19,243 16,297 16,748 1Q25 2Q25 3Q25 4Q25 FY2024 FY 2025 1Q25 2Q25 3Q25 4Q25 FY2024 FY 2025 HGNM Production (tonnes) HGNM Sales (tonnes) -60% -62% 50,315
Slide 6: Gold and Copper Operations
Gold and Copper Operations Gold Production (ounces) Gold Sales (ounces) -11% -4% 115,867 108,471 104,168 103,156 36,796 29,629 25,481 25,143 25,338 27,195 22,739 15,004 1Q25 2Q25 3Q25 4Q25 FY2024 FY 2025 1Q25 2Q25 3Q25 4Q25 FY2024 FY 2025 Copper Production (tonnes) Copper Sales (tonnes) -25% -26% 13
Slide 7: ASP and Margin Analysis (FY 2025)
ASP and Margin Analysis (FY 2025) Saprolite1 NPI Gold ($/wmt) Margin: 7% ($/t) Margin: 17% ($/oz) Margin: 55% 11,383 3,138 1.8 9,406 8,418 25.7 23.8 1,977 1,409 1,728 3 ASP 2 Cash Cash ASP Cash Cash Implied ASP Cash Margin Cash Cost Margin Cost Margin Cost Cash Cost Limonite HGNM Copper ($/wmt) Marg
Slide 8: Consolidated Group Revenue
Consolidated Group Revenue $ million Gold Copper NPI HGNM Nickel Ore -20% 2,228 2 66 (29) 29 (110) 181 (453) 1,776 3 722 75 256 268 931 821 133 103 261 327 1 2024 Gold Copper NPI HGNM Nickel Ore 2025 • Merdeka Group reported consolidated revenue of $1.8 billion in FY2025, representing a 15% YoY decr
Slide 9: Consolidated Group EBITDA
Consolidated Group EBITDA $ million Gold Copper NPI HGNM Nickel Ore Others +13% 373 329 28 13 5 (4) (27) 28 87 58 14 10 117 145 53 27 144 149 (57) (44) 2024 Gold Copper NPI HGNM Nickel Ore Others 2025 Merdeka Group reported 13% YoY increase in consolidated EBITDA to $373 million for FY2025, primaril
Slide 10: 2025 Profit & Loss (100%)
2025 Profit & Loss (100%) $ million 373 (226) 3 16 (117) (16) EBITDA D&A Finance Expense, Net Other Income, Net Tax Expense Net Income • Net finance expense of $117 million mainly derived from $98 million in bonds and sharia bonds interest, $22 million in loan interest, and $12 million in amortized
Slide 11: 2025 Cash flow
2025 Cash flow $ million • Pani Gold Project ($183mn) • Nickel ($107mn) • AIM ($70mn) • TB Gold ($146mn) • Proceeds from: 1,862 • HPAL Investment ($62mn) • MGR (EMAS)’s IPO ($276mn) • MDKA Investment in MGR ($43mn) • Contribution from MBMA’s JV • Buyback EMAS shares ($141mn) • TB Copper ($22mn) part
Slide 12: MDKA Consolidated Financial Statements (100%)
MDKA Consolidated Financial Statements (100%) In $ million 4Q 2024 4Q 2025 2024 2025 • Merdeka reported consolidated revenue of $1.89 Revenue 571.5 607.7 2,239.0 1,894.8 billion in FY2025, reflecting a -15% YoY decrease of Cost of Revenue (exclusive of D&A) (446.6) (505.0) (1,855.3) (1,455.3) $344 m
Slide 13: MBMA Consolidated Financial Statements (100%)
MBMA Consolidated Financial Statements (100%) In $ million 4Q 2024 4Q 2025 2024 2025 • MBMA reported consolidated revenue of $1.43 Revenue 464.9 499.5 1,844.7 1,434.5 billion and EBITDA of $219 million in FY2025, Cost of Revenue (exclusive of D&A) (403.3) (409.5) (1,648.4) (1,181.5) representing a -
Slide 14: Project Development
Project Development TB Copper Pani Gold Project HPAL Operations TB Copper advanced into the FS phase • MGR is progressing rapidly, with heap leach • PT ESG produced 25,994 tNi of MHP in following completion of PFS: operations starting at 8 Mtpa in 2026 (up FY2025 (7,177 tNi in 4Q). The new FPP at •
Slide 15: 2026 Outlook
2026 Outlook TB Gold targets production of 80,000–90,000 ounces, with cash cost and AISC guidance (excluding royalties and silver credits) of $1,150-$1,250/oz and $1,900-$2,050/oz respectively. Silver as a by-product is forecasted to be 800,000-900,000 ounces of production. Pani is targeting gold pr
Slide 16: Thank you
Thank you investor.relations@merdekacoppergold.com www.merdekacoppergold.com 2025 Financial Results Presentation
Slide 17: MDKA – ASP and Margin Analysis (Quarterly)
MDKA – ASP and Margin Analysis (Quarterly) QoQ YoY Items Unit 4Q24 1Q25 2Q25 3Q25 4Q25 FY 2024 FY 2025 3Q25-4Q25 FY24-FY25 Gold Production oz 35,824 25,481 25,143 25,338 27,195 115,867 103,156 7% -11% Sales oz 29,056 36,796 22,739 29,629 15,004 108,471 104,168 -49% -4% ASP $/oz 2,672 2,757 3,207 3,2
Slide 18: MBMA – ASP and Margin Analysis (Quarterly)
MBMA – ASP and Margin Analysis (Quarterly) QoQ YoY 4Q24 1Q25 2Q25 3Q25 4Q25 FY 2024 FY 2025 3Q25-4Q25 FY24-FY25 Limonite Production m wmt 3.4 1.8 2.5 5.6 4.7 10.1 14.7 -15% 45% Sales m wmt 4.1 2.1 2.8 4.0 7.8 11.0 16.8 96% 53% ASP $/wmt 17.9 14.9 15.4 14.4 15.8 16.5 15.3 10% -7% Cash costs $/wmt 9.0
Slide 19: MDKA Consolidated Financial Statements (Quarterly)
MDKA Consolidated Financial Statements (Quarterly) In $ million QoQ YoY 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2024 FY 2025 3Q25-4Q25 FY24-FY25 Revenue 571.5 502.2 352.4 432.5 607.7 2,239.0 1,894.8 41% -15% Cost of Revenue (exclusive of D&A) (446.6) (400.0) (252.7) (297.6) (505.0) (1,855.3) (1,4
Slide 20: MBMA Consolidated Financial Statements (Quarterly)
MBMA Consolidated Financial Statements (Quarterly) QoQ YoY In $ million 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2024 FY 2025 3Q25-4Q25 FY24-FY25 Revenue 464.9 366.1 261.6 307.3 499.5 1,844.7 1,434.5 63% -22% Cost of Revenue (exclusive of D&A) (403.3) (327.9) (210.1) (234.0) (409.5) (1,648.4) (1,1
Slide 21: MDKA Loan Maturity Profile
MDKA LOAN MATURITY PROFILE Net Debt to EBITDA as of 31 December 2025 Debt Maturity Profile as of 31 December 2025 ($ million) in $ million MDKA IDR Bonds MDKA RCF BSI RCF MDKA IDR Bonds 702 EMAS RCF MBMA IDR Bonds MBMA IDR Sharia Bonds MBMA RCF MDKA RCF 95 553 531 MBMA IDR Bonds 615 10 3 MBMA IDR Sh
Slide 22: MBMA Loan Maturity Profile
MBMA LOAN MATURITY PROFILE Debt Maturity Profile as of 31 December 2025 ($ million) Net Debt to EBITDA as of 31 December 2025 in $ million MBMA IDR Bonds MBMA IDR Sharia Bonds MBMA RCF MBMA IDR Bonds 615 264 MBMA IDR Sharia Bonds 201 237 10 MBMA RCF 100 3 Total Debt 916 53 189 99 Cash and Banks 193
PT Merdeka Battery Materials — FY2025 Earnings Presentation on 6ix