Pt Indika Energy Tbk · IDX:INDY
Pt Indika Energy Tbk — FY2025 Earnings Presentation
51 slides from Pt Indika Energy Tbk's earnings presentation, Mar 31, 2026
Slide 1: Company Update FY 2025
Company Update FY 2025 PT Indika Energy Tbk. Jakarta, March 31, 2026
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: Indika Energy has set out bold aspirations as part of its 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: Operational Performance – 2025
Operational Performance – 2025 2025 2025 Budget 2025A Realized Operational Data Guidance 2025A 2024A YoY% CAPEX (US$M) (US$M) % Budget Kideco 16.0 6.5 40.6% KIDECO Interport 7.0 4.7 67.1% Production (MT) 30.0 30.5 30.7 -0.6% IMP 10.3 2.9 28.1% Newcastle Benchmark ($/ton) 130.0 105.5 134.8 -21.8% Tri
Slide 5: Indika Energy’s Consolidated Income Statement Highlights
Indika Energy’s Consolidated Income Statement Highlights Year To Date Summary P&L 4Q25 4Q24 YoY 3Q25 QoQ FY25 FY24 YTD YoY Revenues 587.9 662.5 -11.3% 486.2 20.9% 2,030.9 2,446.7 -17.0% COGS (511.4) (599.2) -14.7% (425.1) 20.3% (1,760.6) (2,114.0) -16.7% Gross Profit 76.6 63.3 21.0% 61.0 25.5% 270.3
Slide 6: Business Highlights – Revenue Contribution
Business Highlights – Revenue Contribution Non-coal revenue grew 23.3% YoY to US$408.3m in FY25 Revenue FY25 Revenue FY24 Non-coal Non-coal 15.4% 19.0% 4% 2% 3% 3% 0% 2% Kideco 10% 11% Other Coal Tripatra 5,8% Interport-Ex Cotrans 11% 6% Minerals & IIR Non-coal Green Bus & Oth 13,6% 78,1% 74% Coal 7
Slide 7: FY25 Business Highlights – Revenue Breakdown
FY25 Business Highlights – Revenue Breakdown FY25 FY24 Subsidiaries YoY Chg Remarks (US$ mn) (US$ mn) FOB ASP ▼ 12.4% to US$49.9/ton in FY25 compare to US$57.0/ton in FY24, Sales Kideco 1,611.7 1,848.1 -12.8% Volume ▼ 0.9% to 30.8MT in FY25 (ICI-4: US$46.1/ton in FY25 vs US$53.9/ton in FY24) Coal Tr
Slide 8: FY25 Business Highlights- Gross Profit/ Margin
FY25 Business Highlights- Gross Profit/ Margin FY25 FY24 Subsidiaries YoY Change Remarks (US$ mn) (US$ mn) Gross Profit 270.3 332.7 -18.8% Gross Margin (%) 13.3% 13.6% FOB ASP ▼ 12.4% to US$49.9/ton in FY25 compare to US$57.0/ton in FY24, Sales Volume ▼ 0.9% to 30.8MT in FY25; Cash cost inc Royalty
Slide 9: Active Liability Management to lengthen maturity
Active Liability Management to lengthen maturity 3 May 2024: the 2024 Notes was fully repaid bank loan with Debt maturity profile at HoldCo facility of US$300m US$m 620 7 May 2024: the settlement of the new notes US$350m 3 July 2024: Tap issuance of US$105m, the company settled the tender offe
Slide 10: Strong Cash Position supports sound Balance Sheet
Strong Cash Position supports sound Balance Sheet Total Consolidated Cash Total Consolidated Debt US$m US$m 898 1,062 1,056 1,081 863 1,045 1,004 Other Loans 638 585 608 594 Bank Loans 1) Cash & 579 520 572 561 Other Financial assets Notes 2024 0 Notes 2025 455 455 455 455 455 Notes 2029 Jun-24 Sep-
Slide 11: Thermal Coal Price (2024-2025, US$/t)
Thermal Coal Price (2024-2025, US$/t) • Chinese power plants have reduced domestic coal procurement due to a widening price difference against imports and healthy stockpile levels that cover demand until January. Their re-stocking effort during Oct-Nov brought them to the comfortable situation. • Pr
Slide 12: New Royalty Tariff has been Approved by the Government
New Royalty Tariff has been Approved by the Government • On 11 April 2025, the government of Indonesia has approved changes on the royalty scheme for IUPK, in line with the earlier proposal. • With the issuance of government regulation (PP No 18 Th 2025) effective as of 26 April 2025, coal will be s
Slide 13: Corporate Guidance - 2026
Corporate Guidance - 2026 2026 2025 2026 Budget Budget Change CAPEX Budget Operational Data Guidance (%) KIDECO (US$M) Production (MT) 30.3 30.0 +1.0% Kideco 9.8 Strip Ratio (x) 5.2 5.5 -5.4% Indika Resources - Newcastle Benchmark ($/ton) 111 130 -14.6% Xapiens 0.6 ICI-4 47.3 54 -10.2% Average Selli
Slide 14: Our Diversified Business Portfolio
Our Diversified Business Portfolio 14
Slide 15: Indika Energy has developed into an investment company with a sustainable business portfolio
Indika Energy has developed into an investment company with a sustainable business portfolio Logistics & Logistic assets, EPC services, infrastructure, e.g. fuel storage Field exploration of coal resources, Energy Infrastructure production and trading resources Exploration of gold and other metals M
Slide 16: Diversification Investments – Minerals
Diversification Investments – Minerals Developing Gold Asset Project through Masmindo (Awakmas) Infrastructure: • Luwu Regency, South Sulawesi • Project located 45 km from coast • Good access to roads, two ports, airport, and telecommunication • Project to be powered by grid power Concession : • Tot
Slide 17: Diversification Investments – Minerals
Diversification Investments – Minerals Large concession area – currently only 10% being developed Awak Mas Gold Project – Contract of Work 17
Slide 18: Diversification Investments – Minerals
Diversification Investments – Minerals Awak Mas Project • Gold ore reserve of 1.9 Moz and gold ore resources of 3.29 Moz (based on latest reserve report February 2026 by Mining One) • Open pit mining with drilling and blasting • Has signed refinancing agreement with total funding of US$375 million f
Slide 19: Diversification Investments – Minerals
Diversification Investments – Minerals Construction Progress Project cost incurred as of Dec 2025 as of Dec 2025 266 48% USD million Land Compensation Total project cost up to Progress completed 99% 568 USD million 19
Slide 20: Awakmas Project – Construction of Processing Plant
Awakmas Project – Construction of Processing Plant 20
Slide 21: Awakmas Project – Construction of Processing Plant
Awakmas Project – Construction of Processing Plant 21
Slide 22: Awakmas Project – Construction of Processing Plant
Awakmas Project – Construction of Processing Plant 22
Slide 23: Awakmas Project – Construction of Processing Plant
Awakmas Project – Construction of Processing Plant 23
Slide 24: Diversification Investments – Minerals Bauxite Mine
Diversification Investments – Minerals Bauxite Mine • Bauxite mine in W. Kalimantan • Est. Reserve: 5.7 WMT • Est. Resources: 30 WMT • Strategic partnership with Nanshan Aluminium International Holding (2610 HK) Mekko – Bauxite Volume kDMT ASP (US$/t) 500.0 24.2 24.5 454.2 450.0 23.6 24.0 400.0 23.5
Slide 25: 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 26: Kalista - Developing trials for a fleet-as-a-service model
Kalista - Developing trials for a fleet-as-a-service model, working with local governments and bus operators About Kalista’s FaaS model Kalista’s operation and trials with local governments The fleet-as-a-service business model enables Operation : Medan governments, public, and private businesses to
Slide 27: Kalista - To accelerate adoption of EV in Indonesia
Kalista - To accelerate adoption of EV in Indonesia • To separate between ownership and maintenance from operator • Developing fleet-as-service model to accelerate transition to EV, through B2B, B2G as well as public • Usage based on monthly rental, to ease burden of CAPEX • Current segment target i
Slide 28: IMG launched its brand “ALVA” with its own manufacturing facilities
IMG launched its brand “ALVA” with its own manufacturing facilities and builds experience center Manufacturing Facilities The E2W market in Indonesia is expected to grow steadily, with the premium and mid-range segments gaining momentum • ALVA has launched the ALVA One and CERVO models (premium segm
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: 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 32: 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 33: Diversification Investments – Green Businesses
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 34: 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 35: 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 36: Indika Nature – Carbon Business at TMK to support Net Zero Target
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 37: 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 38: Our MSCI rating has been upgraded to A
Our MSCI rating has been upgraded to A Driven by improvements in our environmental and governance practices MSCI ESG score 2025 score: A (previously BBB) AAA AA Indika Energy has achieved a rating upgrade in MSCI from BBB to A. The improvement A A reflects our progress in managing carbon BBB BBB BBB
Slide 39: ESG performance - FY25
ESG performance - FY25 Parameter Unit % target ∆ 2025 Target FY25 Scope 1 & 2 GHG emissions ktCO2eq -25% 903 838.91 tCO2eq / ton coal production -10% 0.030 0.027 GHG emissions intensity* tCO2eq / USD million revenue -50% 396 413.07 Renewable energy mix % - 30% 38.04% Water withdrawal intensity* ML /
Slide 40: IMPACT mangrove planting program
As of 2025, 250 hectares has been planted with mangrove plantations out of total area of 250 hectares to be planted during the project lifetime (2023- Launched in March 2023 in Paser Regency, East 2025). Kalimantan, the IMPACT program represents Indika Energy’s strong commitment to supporting As of
Slide 41: 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 42: Notes Outstanding
Notes Outstanding B1 Stable Outlook (as of 12 February 2026) The Senior Notes are rated: B + / Stable Outlook International Ratings (as of 27 March 2026) Indika Energy Tbk. USD5455 mn 8.750% 5-year Senior Notes Reg S / 144A due 2029 May 2024 42
Slide 43: Thank You
INDIKA, | NET-ZERO% Thank You 43
Slide 44: 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 2700 2,446.7 918.1 772.7 2,030.9 800 700 1800 552.0 312.2 400 332.7 350 900 270.3 158.1 114.4 0 0 0 2021 2022 2023 2024 FY25 20
Slide 45: Kideco – Leading Coal Producer in Indonesia
Kideco – Leading Coal Producer in Indonesia • Leading 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 strong c
Slide 46: Kideco’s Financial Highlights
Kideco’s Financial Highlights Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) 3,200 3,008.8 1350 1350 1,222.7 1,126.9 1080 1080 2,400 2,196.9 2,223.3 1,848.1 835.4 773.7 810 810 1,611.7 1,600 540 540 411.4 800 263.9 307.4 241.5 270 270 186.6 170.7 0 0 0 2021 2022 2023 2024 FY25 202
Slide 47: Kideco’s Operational Highlights
Kideco’s Operational Highlights Cash Cost Breakdown Coal Production (mn ton) Coal Sales (mn ton) O/H Labor & Others 37 7.9% 1.5% 37 35.8 35.8 36 Freight 36 34.8 34.8 35 6.1% 35 34 34 33 33 Material CM & Rental 10.2% 53.0% 32 32 30.7 31.1 31 30.5 30.8 30.1 31 30.5 30 30 29 29 28 28 Gov. Royalty 27 21
Slide 48: Kideco’s Operational Highlights
Kideco’s Operational Highlights Descriptions FY25 FY24 YoY (USD mn) Sales 1,611.7 1,848.1 -12.8% Gross profit 241.5 263.9 -8.5% Operating profit 170.6 186.6 -8.6% Net income 134.9 139.3 -3.2% EBITDA 194.4 190.6 2.0% Gross margin 15.0% 14.3% Operating margin 10.6% 10.1% Net margin 8.4% 7.5% EBITDA ma
Slide 49: Tripatra’s Financial Highlights
Tripatra’s Financial Highlights Revenue (USD mn) Gross Profit (USD mn) Net Profit* (USD mn) 400 30.0 15 25.1 8.9 25.0 22.1 10 306.6 18.4 3.1 20.0 5 1.5 300 (30.6) (29.3) 250.6 242.8 15.0 0 231.8 228.6 10.0 -5 200 -10 5.0 (7.4) (11.6) -15 0.0 -20 100 -5.0 -25 -10.0 -30 0 -15.0 -35 2021 2022 2023 2024
Slide 50: Indika Resources’ Financial Highlights
Indika Resources’ Financial Highlights Revenues (USD mn) Cost of Good Sold (USD mn) Gross Profit (USD mn) 900 852.7 700 660.2 220 192.6 800 600 700 176 500 600 417.4 491.4 132 500 439.4 400 359.5 400 300 79.9 88 74.0 300 184.8 190.1 200 200 44 100 72.8 75.2 100 5.3 2.3 0 0 0 2021 2022 2023 2024 FY25
Slide 51: Interport’s Financial Highlights
Interport’s Financial Highlights Revenues (USD mn) Revenue Breakdown Gross Profit (USD mn) Others, 35 32.4 32.2 160 31.8 1.8% 134.5 KGTE 30 140 39.3% 114.6 116.0 25 120 100 20 80 14.2 15 60 Cotrans 55.5% 9.3 34.7 10 40 29.1 5 20 IBP 0 3.4% 0 2021 2022 2023 2024 FY25 2021 2022 2023 2024 FY25 Net Prof