Pt Indika Energy Tbk · IDX:INDY
Pt Indika Energy Tbk — FY2024 Earnings Presentation
62 slides from Pt Indika Energy Tbk's earnings presentation, March 2025
Slide 1: Company Update FY24 Results
Company Update FY24 Results PT Indika Energy Tbk. March 2025
Slide 2: Indika Energy - To Energize Indonesia for a Sustainable Future
Indika Energy - To Energize Indonesia for a Sustainable Future ✓ An Investment Holding Company with portfolio spanning across Indonesia, from energy resources, logistic and infrastructure, minerals as well as green business. ✓ Well-placed to capture domestic economic growth and global economic recov
Slide 3: Bold aspirations as part of ESG commitment
Indika Energy has set out bold aspirations as part of its ESG commitment 50% Net-Zero emissions by 2050 non-coal revenue by 2028 Notable green initiatives: A leading Indonesian One of The 1st Indonesian One of The 1st Indonesian Investment group company to commit to a Net investment groups Zero targ
Slide 4: Consolidated Income Statement Highlights
Indika Energy’s Consolidated Income Statement Highlights Year To Date Summary P&L 4Q24 4Q23 YoY 3Q24 QoQ FY24 FY23 YTD YoY Revenues 662.5 728.1 -9.0% 587.4 12.8% 2,446.7 3,026.8 -19.2% COGS (599.2) (615.9) -2.7% (517.6) 15.8% (2,114.0) (2,474.9) -14.6% Gross Profit 63.3 112.2 -43.6% 69.9 -9.4% 332.7
Slide 5: FY24 Revenue Contribution
Indika Energy – FY24 Revenue Contribution Revenue FY24: US$2,446.7m Revenue FY23: US$3,026.8m Non-coal 1.6% 3.8% 15.3% Non-coal 1.3% 1.9% 11.3% 10.0% 7.2% 2.0% 3.0% 7.5% 14.0% 74.1% 70.3% 13,6% Kideco Coal Kideco IIR 84.7% IIR 7,1% 7,1% Cotrans Non-coal 5,8% Cotrans 88.7% 5,8% Tripatra Tripatra Inte
Slide 6: FY24 Business Highlights – Revenue Breakdown
FY24 Business Highlights – Revenue Breakdown FY24 FY23 YoY Subsidiaries Remarks (US$ mn) (US$ mn) Chg ASP ▼ 18% to US$59.5/ton in FY24 compare to US$72.9/ton in FY23, Sales Volume ▲ 2% to 31.1MT Kideco 1,848.1 2,223.3 -16.9% in FY24 ASP Coal Trading ▼ 22% to US$49.4/ton in FY24, Sales Volume ▼ 40% t
Slide 7: FY24 Business Highlights - Gross Profit/Margin
FY24 Business Highlights- Gross Profit/ Margin FY24 FY23 Subsidiaries YoY Change Remarks (US$ mn) (US$ mn) Gross Profit 332.7 552.0 -39.7% Gross Margin (%) 13.6% 18.2% Cash cost inc Royalty ▼ -15.5% to US$50.1/ton in FY24 mainly due to 1) lower royalty Kideco 260.1 413.0 -37.0% and higher domestic s
Slide 8: Active Liability Management to lengthen maturity
Active Liability Management to lengthen maturity Debt maturity profile at HoldCo (US$m) ✓ 3 May 2024: the 2024 Notes was fully repaid bank loan with facility of US$300m 455.0 ✓ 7 May 2024: the settlement of the new notes US$350m ✓ 3 July 2024: Tap issuance of US$105m, the company settled the tender
Slide 9: Strong Cash Position supports sound Balance Sheet
Strong Cash Position supports sound Balance Sheet Total Consolidated Cash Total Consolidated Debt US$m US$m 898 1,257 863 1,158 21 777 1,074 21 1,028 23 Other Loans 638 224 580 1) Cash & 564 Other 573 Bank Loans Financial 294 assets 0 202 Notes 2024 224 0 Notes 2025 534 455 455 Notes 2029 350 Mar-24
Slide 10: Indika Energy – Sound Balance Sheet
Indika Energy – Sound Balance Sheet Cash Breakdown by Subsidiaries LTM Free Cash Flow US$ million US$ million HoldCo & Others Kideco Tripatra 800 725 42 700 597 600 63 44 500 822 450 400 43 290 45 300 188 201 176 200 158 473 492 75 392 393 392 100 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
Slide 11: Operational Performance – 2024
Operational Performance – 2024 2024 Budget 2024A Realized 2024 CAPEX (US$M) (US$M) % Operational Data 2024A 2023A YoY% Budget Kideco 70% 16.4 11.5 KIDECO Indika Resources n.a Production (MT) 29.4 30.7 30.1 2% - 2.7 Strip Ratio (x) 5.7 5.7 5.6 2% Xapiens 13% 3.2 0.4 Newcastle Benchmark ($/ton) 143 13
Slide 12: Corporate Guidance - 2025
Corporate Guidance - 2025 2024A 2025B 2025 (US$M) (US$M) Change CAPEX Budget Operational Data Guidance (%) KIDECO (US$M) Production (MT)* 30.7 30 -2% Kideco 16.0 Strip Ratio (x) 5.7 5.5 -4% Interport 7.0 Newcastle Benchmark ($/ton) 135.1 130.0 -4% ICI-4 IMP 10.3 53.9 54.0 0% Average Selling Price ($
Slide 13: Thermal Coal Price (2023-2024, US$/t)
Thermal Coal Price (2023-2024, US$/t) 357.8 305.2 283.1 277.1 265.3 208.6 206.2 189.7 191.3 191.6 177.1 179.9 163.3 159.3 149.4 146.8 146.4 145.0 139.8 142.7 139.5 141.5 134.7 133.1 135.4 134.0 135.1 129.2 128.2 125.9 125.0 129.2 130.0 126.6 122.2 117.4 110.1 109.8 114.1 130.4 131.2 124.0 121.1 123.
Slide 14: Indonesia Coal Performance
Indonesia Coal Performance Indonesia's Coal Data 2020-2024 (MT) 900 834 800 771 686 700 606 600 566 500 441 407 384 400 368 332 322 345 302 300 238 233 220 216 213 200 132 133 100 - 2020 2021 2022 2023 2024 Production Domestic Sales Export Sales DMO * Source MODI, MEMR • Indonesia’s domestic product
Slide 15: Government proposes changes on coal royalty tariffs
Government proposes changes on coal royalty tariffs ✓ On 8 March 2025, the Ministry of Energy and Mineral Resources (MoEMR) proposed changes to the government regulation on the royalty scheme for Indonesian minerals and coals including for IUPK (Revisi PP 26/2022) and made a public hearing. ✓ Based
Slide 16: Our Diversified Business Portfolio
Our Diversified Business Portfolio 16
Slide 17: Transforming into a diversified business portfolio
Transforming into a diversified business portfolio Current: Coal as core business Future: Diversified Business Portfolio Business that ✓ Diversified Business relies on coal, from Portfolio resources, ✓ Significant growth services and ✓ Less volatility infrastructure ✓ ESG investment Funding - Key Co
Slide 18: Diversified Revenue Streams from Disciplined Investments and Partnerships
Diversified Revenue Streams from Disciplined Investments and Partnerships 18
Slide 19: Diversification Investments – Minerals: Masmindo Gold
Diversification Investments – Minerals Developing Gold Asset Project through Masmindo (Awakmas) Location : South Sulawesi, 370 km from Makasar Potential Resources : 2.29 million onz Potential Reserves : 1.51 million onz *(1.33g/t) License : COW (Contract of Work) amended in March 2018 (up to 2050) T
Slide 20: Developing Gold Asset Project through Masmindo
Diversification Investments – Minerals Developing Gold Asset Project through Masmindo Development Progress: • Land acquisition 98% of ~ 1,440 ha land required for project development as of Feb 25 • Construction – EPC & CPM by Petrosea ✓ DED ✓ Temporary Magazine ✓ Temporary Camp ✓ Access Road ✓ Crush
Slide 21: Diversification Investments – Minerals: Bauxite Mine
Diversification Investments – Minerals Bauxite Mine • Bauxite mine in W. Kalimantan • Est. Reserve: 5.7 WMT • Est. Resources: 30 WMT • Strategic partnership with Nanshan Aluminium International Holding (2610 HK) Mekko – Bauxite Volume kDMT ASP (US$/t) 300.0 23.6 282 24.0 23.5 250.0 23.0 23.0 200.0 2
Slide 22: Green Business - Aims to accelerate Indonesia’s EV ecosystem
Green Business - Aims to accelerate Indonesia’s EV ecosystem PT Indika Energy Tbk Other IMG Investors 100% PT Solusi Mobilitas Indonesia Holding of EV Company 100% 100% 100% PT Ilectra Motor Group PT Mitra Motor Group PT Kalista Nusa PT Industri Baterai Armada Holding of Electric 2 Holding of Electr
Slide 23: Developing businesses across the commercial EV value chain
Developing businesses to operate across the value chain in commercial EV, with a vision to drive EV adoption in Indonesia Indika Energy has established businesses across the EV value chain Manufacturing Distribution Fleet-as-a-Service Charging Point Operatorship Local manufacturing of: Development o
Slide 24: Kalista - Fleet-as-a-service trials
Kalista - Developing trials for a fleet-as-a-service model, working with local governments and bus operators About Kalista’s FaaS model Kalista’s planned trials with local governments The fleet-as-a-service business model enables governments, public, and private businesses to accelerate the EV trans
Slide 25: Kalista - To accelerate adoption of EV in Indonesia
Kalista - To accelerate adoption of EV in Indonesia • Developing fleet-as-service model to accelerate transition to EV, • To separate between ownership and maintenance from operator through B2B, B2G as well as public • Usage based on monthly rental, to ease burden of CAPEX • Current segment target i
Slide 26: Green Business – To support reducing GHG emission in transport sector
Green Business – To support reducing GHG emission in transport sector Indonesia GHG emission from Industrial activities 2011-2022 Indonesia GHG emission shares in Transportation Sector in 2022 • The transport sector stands as the country’s second-largest contributor to greenhouse gas (GHG) emissions
Slide 27: Indonesia’s EV – Still in early stage, but fast growing
Indonesia’s EV – Still in early stage, but fast growing EV adoption status and targets E2W growth projection for Jakarta & Bali with IDR 7 million incentive Source: IESR, Indonesia Electric Vehicle Outlook 2023 Source: IESR, ADB, 2022 • EV adoption has been increasing in recent years. In 2022 alone,
Slide 28: IMG launched its brand ALVA with its own manufacturing
IMG launched its brand “ALVA” with its own manufacturing facilities and builds experience center Manufacturing Facilities ALVA Experience Center My ALVA App Key Highlights Seamless interconnection experience with enhanced Fully operational manufacturing facilities located in 1st 2W experience cent
Slide 29: IMG already introduced 5 ALVA products
IMG already introduced 5 ALVA products Products ALVA One ALVA One XP Launched in 2022 Launched in 2023 ALVA Cervo ALVA Cervo Boost Charge ALVA Cervo Q Launched in 2023 Launched in 2024 Launched in 2024 29
Slide 30: Launched a new model in Mid segment ALVA N3
Launched a new model in Mid segment “ALVA N3” • ALVA introduced a new model in mid-segment called ALVA N3 • Pricing is competitive compared to market • N3 already adopts boost-charge technology in its battery, capable for 1-hour fast charging 30
Slide 31: Solar Power – EMITS
Diversification Investments – Green Businesses Solar Power – EMITS • Formed a JV to develop solar power business with Fourth Partner Energy Limited (4PEL), India’s leading solar developer, called Empat Mitra Indika Tenaga Surya (EMITS), with 51% stakes (not consolidated). • EMITS will provide a one-
Slide 32: EMITS – Helping Corporates, SOE, and Utility to decarbonize
EMITS – Helping Corporates, SOE, and Utility to decarbonize through our Renewable Energy solutions EMITS is Indonesia’s leading Customer Centric Renewable Energy Solutions provider on-track to build up to 500MW Operational Portfolio across Indonesia by 2027. To be a Market-Leader Installed Base* Fas
Slide 33: EMITS – End to End Capabilities
EMITS – End to End Capabilities Solar Hybrid Solution Rooftop Solar (Diesel + Batteries) Simplest solar solution on your factory rooftop to move forward Round The Clock power supply to renewable energy in Off-grid mode Canal Top Solar Unique solar solution to reduce Ground-mount Solar wide area requ
Slide 34: Indonesia’s Renewable Energy – Huge solar potential
Indonesia’s Renewable Energy – Huge solar potential, yet undeveloped Installed renewable power capacity in 2021 compared to the estimated Large-scale solar capacity addition plan in RUPTL 2021–2030 (MWp) potential renewable energy capacity *exclude rooftop (3.6 GWp by 2025) and floating solar (26.65
Slide 35: Indika’s consortium won tender for hybrid solar + battery storage
Govt to convert 2.6GW diesel-fired power plants with renewable energy Indika’s consortium won tender for 102MWp hybrid solar + 252MWh Battery Storage PLN’s De-Dieselization program Phase I – total 167 MW Signing LOI to develop 102MWp hybrid solar power (Cluster II) • Indika Energy, part of a consort
Slide 36: EMITS – Project Highlights
EMITS – Project Highlights Type : Ground Mounted for pulp & paper Solar Capacity : 12.8 MWp spread over 14 ha Location : Riau, Sumatera Timeline : project carried out in record 6-mo time 8,402 tons 41,114 kilo 796,406 quantity of liters equivalent Coal saved water Carbon offset saved Type : Ground M
Slide 37: Indika Nature – Biomass, Agroforestry, Carbon Offset
Diversification Investments – Green Businesses Indika Nature – Biomass, Agroforestry, Carbon Offset Energy Plantation Environment Services Agroforestry & Non Timber Forest Product • Designated for planting Calliandra trees to • Process of obtaining a carbon credit • Develop agricultural products tha
Slide 38: Indika Nature – Biomass Energy to produce wood pellet
Indika Nature – Biomass Energy to produce wood pellet DIVA Jaya Bumi Paser 23,590 Ha East Kalimantan Diva Perdana Pesona 29,485 Ha East Kalimantan TMK • Currently in phase I with total TCG planting of 5,000 ha • With average calorific value of 4,200–4,750 kcal/kg, wood pellet is suitable for biomass
Slide 39: Indika Nature – Carbon Business at TMK
Indika Nature – Carbon Business at TMK to support Net Zero Target Location Project Overview • PT Telaga Mas Kalimantan (TMK) is the holder of Forest Concession Rights (IUPHHK-HA (now PBPH) with an area of 82,805 ha, located in Paser Regency, E. Kalimantan Block A • The area is dominated by Meranti t
Slide 40: Indika Nature – Expanding to essential oil business
Indika Nature – Expanding to essential oil business Indika Nature acquired 100% shares in PT Natura Aromatik Nusantara An essential oil producer with the fourth largest exporter in Indonesia located in Solo, Central Java Sector attractiveness due to its traditionality and Products fragmented players
Slide 41: Kariangau Fuel Tank Storage Is Up and Running
Diversification Investments – Logistics & Infrastructure Kariangau Fuel Tank Storage Is Up and Running Build and operate fuel storages exclusively for ExxonMobil Location : Balikpapan, Kariangau, East Kalimantan Project Company : PT Karingau Gapura Terminal Energy Total Project Cost : US$115million
Slide 42: Diversifying Beyond Coal: Disposals
Diversifying Beyond Coal: Disposals Continued Divestments of Coal and Coal-related Businesses Transaction Date Initiative Description Indicative impact Proceeds – Sale of all shares owned by IIR and ICI in PT Multi Tambangjaya Utama (MUTU) and marketing right held by ICI Divestment of MUTU Feb-2024
Slide 43: Divestment - Reducing Exposure in Coal Related Business
Divestment - Reducing Exposure in Coal Related Business Completed– PT Multi Tambangjaya Utama (MUTU) 43
Slide 44: Divestment - Reducing Exposure in Coal Related Business
Divestment - Reducing Exposure in Coal Related Business Completed Completed PT Petrosea Tbk PT Mitrabahtera Segara Sejati Tbk ✓ One of strategic directions to diversify away from coal ✓ Signed CSPA to divest 69.8% stake in PTRO on 18 Feb ✓ Signed CSPA to divest 51.0% stake in MBSS on 6 Aug 22 to PT
Slide 45: ESG: Our ESG Ratings
ESG: Our ESG Ratings Risk Rating at high as coal AAA 50 contribution remain high Last update: 21 Feb 2024 AA Score: BBB 45 44.2 A 40 38.1 39.9 35 34.5 34.9 BBB BBB BBB BBB BBB 30 25 updated: July 2024 BB BB BB 20 B 15 10 CCC 5 0 Jan-18Dec-18 Jan-19 Dec-19 Jan-20 Dec-20 Jan-22 Jan-21 Dec-21 Jan-24 Fe
Slide 46: Tracking progress toward 2025 and 2030 goals
Tracking progress toward 2025 and 2030 goals, as compared to our 2020 baseline In 2024, our ESG metrics largely progressed well, though areas like reclamation, safety, and women’s representation remain points for improvement. Environmental Social Governance PROGRESS TOWARD EMISSIONS AND ENERGY TARGE
Slide 47: Indika Energy Mangrove Program in Action
In partnership with Indika Nature, we are restoring mangroves through a holistic, sustainable approach that supports Indonesia’s carbon neutrality goals—combining ecosystem restoration with community development. While challenges remain, such as slow growth and varying survival rates, our IMPACT pro
Slide 48: Cegah dan Tangani Stunting: Canting Berkelanjutan
“ Through Kelas SIAGA, I’ve learned more about breastfeeding, child nutrition, and health—thank you, Indika and Kideco, for helping me build a healthier future for my children. Ibu Siti Ilmiah, Muara Adang “ I’m not a doctor, but I feel called to support public health. This program has helped me gai
Slide 49: Nutritious Meals
Program overview The Makan Bergizi Gratis program provides nutritious meals to underserved children in Indika Energy’s operational areas, promoting health and nutrition awareness. It supports the government’s 4th Asta Cita and aligns with the Indonesia Emas 2045 vision for stronger human capital. Bu
Slide 50: We also expanded our network by joining ESG-related associations
We also expanded our network by joining ESG-related associations Overview Overview The UN Global Compact is a conviction rooted in universal Indonesia Business Council for Sustainable Development principles to help the global marketplace to be more socially and (IBCSD) is a CEO-led association of co
Slide 51: Notes Outstanding
Notes Outstanding Ba 3 Negative Outlook (as of March 2025) The Senior BB - / Stable Outlook Notes are rated: International Ratings (as of April 2024) Indika Energy Tbk. USD5455 mn 8.750% 5-year Senior Notes Reg S / 144A due 2029 May 2024 51
Slide 52: Thank You
INDIKA_| NET-ZERO|% Thank You 52
Slide 53: Indika Energy’s Financial Highlights
Indika Energy’s Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 4500 4,334.9 1600 1400 1,450.8 1,210.1 3600 3,069.2 1200 1050 3,026.8 2,446.7 918.1 772.7 2700 800 700 1,813.8 1800 552.0 332.7 312.2 400 350 900 158.1 173.3 71.9 0 0 0 2020 2021 2022 2023 FY24 202
Slide 54: Indika Energy’s Key Business and Credit Ratios
Indika Energy’s Key Business and Credit Ratios Adj EBITDA* (USD mn) & Adj EBITDA Margin (%) Gross Debt & Net Debt / Adj. EBITDA (x) Debt / Capital (%) 70% 66.1% 63.7% EBITDA 1,409.8 EBITDA Margin Gross Debt Net Debt 1,500 40% 8 60% 6.2 35% 50% 44.8% 1,150 6 44.3% 44.2% 977.5 30% 31.8% 4.2 40% 33.5%
Slide 55: Kideco – Leading Coal Producer in Indonesia
Kideco – Leading Coal Producer in Indonesia • Third largest coal producer in Indonesia • Environmental friendly thermal coal with ultra-low sulphur of 0.1% and low ash of (2.1% to 4.9%) • Attractive location with well-built infrastructure, and integrated value chain within the group, allowing for st
Slide 56: Kideco’s Financial Highlights
Kideco’s Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 3200 3,008.8 1350 1350 1,222.7 1,126.9 1080 1080 2400 2,196.9 2,223.3 1,848.1 835.4 773.7 810 810 1600 1,249.5 540 540 411.4 800 307.4 260.1 270 177.1 270 182.8 138.3 0 0 0 2020 2021 2022 2023 FY24 2020 2
Slide 57: Kideco’s Operational Highlights
Kideco’s Operational Highlights Cash Cost Breakdown Coal Production (mn ton) Coal Sales (mn ton) O/H Labor & Others 37 37 7.9% 1.9% 35.8 35.8 36 36 Freight 34.8 34.8 4.9% 35 35 34 34 33.0 33.0 Material 33 33 8.9% 32 32 31.1 CM & Rental 31 30.7 30.5 30.1 31 48.9% 30 30 29 29 28 28 Gov. Royalty 27.6%
Slide 58: Kideco’s Operational Highlights
Kideco’s Operational Highlights YTD Summary P&L (US$mn) 4Q24 4Q23 YoY 3Q24 QoQ FY24 FY23 YoY Sales 443.2 517.1 -14.3% 478.8 -7.4% 1848.1 2223.3 -16.9% Gross profit 46.4 84.3 -44.9% 54.9 -15.5% 263.9 411.4 -35.9% Operating profit 16.2 65.0 -75.1% 50.8 -68.2% 186.6 332.7 -43.9% Net income 21.9 36.3 -3
Slide 59: Tripatra’s Financial Highlights (1)
Tripatra’s Financial Highlights (1) Revenue (USD mn) Gross Profit (USD mn) Net Profit* (USD mn) 400.0 30 25.1 20 22.6 18.4 -43.5 8.9 20 10 -30.6 301.0 306.6 3.6 1.5 300.0 10 250.6 0 231.8 -31.4 -7.4 228.6 0 -10 200.0 -10 -20 -20 -30 100.0 -30 -40 0.0 -40 -50 2020 2021 2022 2023 FY24 2020 2021 2022 2
Slide 60: Tripatra’s Financial Highlights (2)
Tripatra’s Financial Highlights (2) * Revenues Breakdown by Value FY24: US$250.6 mn FY23: US$228.6 mn TPE TPE 16.3% 17.7% TPEC TPEC 83.7% 82.3% Backlog New Contract/ Remaining Contract Revenue Remaining Contract Adjustment Value Descriptions Value Recognition Value in 2024 Per 31 Dec 2023 Per 31 Dec
Slide 61: Indika Resources’ Financial Highlights
Indika Resources’ Financial Highlights Revenues (USD mn) Cost of Good Sold (USD mn) Gross Profit (USD mn) 900 852.7 700 660.2 250 800 600 192.6 700 200 500 600 417.4 491.4 150 500 439.4 400 359.5 400 300 100 79.9 74.0 300 184.9 200 167.9 190.5 191.2 200 50 100 22.6 100 6.3 0 0 0 2020 2021 2022 2023
Slide 62: Interport’s Financial Highlights
Interport’s Financial Highlights Revenues (USD mn) Revenue Breakdown Gross Profit (USD mn) Others, KGTE 35 32.4 31.9 140 8.0% 21.8% 114.6 116.1 30 120 25 100 20 80 IBP 5.3% 14.2 60 15 9.3 40 34.7 10 29.1 7 20 15.5 5 Cotrans 65.0% 0 0 2020 2021 2022 2023 FY24 2020 2021 2022 2023 FY24 Net Profit (USD